LaFleur Minerals Provides Update on Beacon Mill Restart, Results of Annual General and Special Meeting, and Swanson Gold Deposit Exploration and Drilling Updates
Vancouver, British Columbia--(Newsfile Corp. - March 21, 2025) - LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) (FSE: 3WK0) ("LaFleur Minerals" or the "Company") is pleased to provide the following corporate updates.
BEACON GOLD MILL RESTART AND SWANSON GOLD PROJECT UPDATES
The Beacon Mill is a fully refurbished and permitted gold mill situated in Val-d'Or, Québec, on the mineral-rich Abitibi Greenstone Belt, where LaFleur Minerals is laser focused on restarting gold production using large bulk samples and mineralized material from nearby gold deposits. With the price of gold in excess of USD$3,000 per ounce, many nearby deposits can be quickly monetized using the Company's 100%-owned Beacon Mill. The mill's operating capacity exceeds 750 tons per day and is strategically located in a highly prospective mining region for gold exploration and development, within an area that is host to over 100 historical and currently operating mines. The advancement of operations at the Beacon Mill has transformational qualities for the Company, evolving it from explorer to a near term gold producer in a Tier 1 jurisdiction with significant upside potential.
Figure 1: Photo of interior of Beacon Mill currently undergoing detailed inspections for restart
Equipment inspections, parts inventory, and maintenance work continues on a full-time basis at the Company's Beacon Gold Mill as part of its restart program (Figure 1 and Figure 2). A final plan and budget to restart the mill will be completed by ABF Mines by late April once final inspections are complete. The Company has also engaged an environmental services company based in Val-d'Or, Québec to complete a federal government requirement to assess and monitor the environmental effects on the tailings and finishing ponds at the Beacon tailings storage facility ("TSF"). In addition, the Company will be engaging an engineering firm to complete a geotechnical assessment/inspection of the TSF and complete any required repairs or upgrades prior to commencing production at the mill. The Company remains committed to restart production at the Beacon Mill to process bulk samples and/or for custom milling purposes prior to the end of 2025, or once all required restart work has been completed and final approvals have been received by the Québec government.
SWANSON GOLD PROJECT UPDATES
The Swanson Gold Project holds a large position in an attractive mining jurisdiction, extending over 16,000 hectares in size and includes several prospects rich in gold and critical metals, previously held by Monarch Mining, Abcourt Mines, and Globex Mining. The consolidated Swanson Gold Project covers a major structural break that hosts the Swanson, Bartec, and Jolin gold targets along with numerous other significant gold showings. The Swanson Gold Project is easily accessible by road with a rail line running through the property, allowing direct access to the Beacon Gold Mill, further enhancing its development potential. The Swanson Gold Project has had in excess of 36,000 metres of historical drilling, which underscores the advanced exploration and development potential of the project, which includes several favourable gold bearing regional structures and deformation corridors extending across the property. Since acquiring the Swanson deposit and consolidating the large claims package, the Company has deployed in excess of $1 million in flow-through funds, completed detailed soil geochemistry and prospecting across several gold targets, completed a very-high resolution airborne magnetic and VLF-EM geophysical survey, and is currently in the process of completing a ground IP survey over the Swanson, Jolin, and Bartec gold deposits. All of this work has allowed the Company to refine priority drill-ready targets and help derisk the upcoming diamond drilling program. Several new promising gold targets have been identified from the recent surface exploration and geophysics programs, highlighting the potential for mineral resource growth and new discoveries at Swanson.
The Company has submitted an application for a diamond drilling permit to the Québec government for the Swanson Gold Project and will be sending Requests for Quotes (RFQ) to local drilling contractors, with drilling expected to commence in the spring at the Swanson, Bartec, Jolin and other recently delineated gold targets.
RESULTS OF ANNUAL GENERAL AND SPECIAL MEETING
LaFleur Minerals also announces the results of its Annual General and Special Meeting ("AGSM") held on March 7, 2025. All matters presented at the AGSM were approved by shareholders including: (1) the Company's 10% Rolling Share Option Plan for continuation for a further three years, (2) the Company's 20% Restricted Share Unit Plan for continuation for a further three years, and (3) the Company's acquisition of an exclusive option to acquire 100% interest in and to certain mining claims and a mining lease located in the Province of Québec, pursuant to the terms and conditions of an option agreement entered into between the Company and BullRun Capital Inc. dated September 17, 2024 (refer to the Company's news release dated September 24, 2024).
EXERCISE OF WARRANTS
Additionally, the Company also announces that it has received total gross proceeds of $816,750 from the exercise of 7,425,000 warrants (the "Warrants"). The Warrants were issued in relation to a private placement completed in March 2023 and had an expiry date of March 14, 2025, which were exercised in full.
QUALIFIED PERSON STATEMENT
All scientific and technical information in this news release has been prepared and approved by Louis Martin, P.Geo., Technical Advisor to the Company and considered a Qualified Person for the purposes of NI 43-101.
About LaFleur Minerals Inc.
LaFleur Minerals Inc. (CSE: LFLR) (OTCQB: LFLRF) (FSE: 3WK0) is focused on the development of district-scale gold projects in the Abitibi Gold Belt near Val-d'Or, Québec. Our mission is to advance mining projects with a laser focus on our resource-stage Swanson Gold Project and the Beacon Gold Mill and Property, which have significant potential to deliver long-term value. The Swanson Gold Project is over 16,000 hectares (160 km2) in size and includes several prospects rich in gold and critical metals previously held by Monarch Mining, Abcourt Mines, and Globex Mining. LaFleur has recently consolidated a large land package along a major structural break that hosts the Swanson, Bartec, and Jolin gold deposits and several other showings which make up the Swanson Gold Project. The Swanson Gold Project is easily accessible by road with a rail line running through the property allowing direct access to several nearby gold mills, further enhancing its development potential. Lafleur Minerals' fully-refurbished and permitted Beacon Gold Mill is capable of processing over 750 tonnes per day and is being considered for processing mineralized material at Swanson and for custom milling operations for other nearby gold projects.
LaFleur Minerals Inc. 1500-1055 West Georgia Street Vancouver, BC V6E 4N7
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release includes certain statements that may be deemed "forward-looking statements." All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this news release include, without limitation, statements related to the use of proceeds from the Offering. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
