LaFleur Minerals to acquire Beacon Gold Mill in receivership sale

LaFleur Minerals Inc. [LFLR-CSE] has struck a deal to acquire the Beacon Gold Mill and Beacon Gold property in Abitibi, Quebec via an arms-length asset purchase agreement with Beacon Gold Mill Inc., Monarch Mining Corp., and 9511-2090 Quebec inc.

The Beacon Mill and property are being acquired in a receivership sale and 9511-2090 Quebec Inc, a subsidiary of LaFleur Minerals, has a binding deal that has been accepted by the receiver. Subject to court approval, closing is expected to occur by October 20, 2024. Final terms of the acquisition will be disclosed upon court approval which is expected to occur on October 4, 2024.

LaFleur shares were unchanged at 37 cents and currently trade in a 52-week range of 49.5 cents and $0.07.

LaFleur is focused on the acquisition and development of district-scale gold projects in the Abitibi Gold Belt near Val-d’Or, Quebec. Its property portfolio includes the Mazerac and Swanson properties.

The Beacon Mill is fully permitted and currently under care and maintenance after a $20 million refurbishment completed by Monarch Mining in 2022.

The company said the Beacon Mill is capable of processing 750 tonnes per day and is located along existing rail and road infrastructure with direct access to the Swanson Project and other gold projects in the region at various stages of development. It is also permitted to process up to 1.8 million tonnes of tailings, with additional capacity if required.

“We are very excited to have put together a district scale gold project at the heart of the Abitibi Gold Belt in Quebec,’’ said LaFleur Minerals CEO Paul Teniere. “Our Swanson Gold Project is located only 40 kilometres away from the Beacon Mill and now over 15,000 hectares on size with a current mineral resource estimate of 123,400 gold ounces in the indicated category and 64,500 gold ounces in the inferred category, completed in accordance with CIM and NI 43-101 standards,’’ he said.  “Adding the Beacon Mill in an area surrounded by numerous other gold deposits opens up numerous opportunities for LaFleur Minerals to explore the potential of eventually putting the Beacon Mill back into production, especially with the current gold price reaching over US$2,600 per ounce.’’

The past-producing Beacon Mine is located on the site of the Beacon Mill. The property consists of a mining lease, a mining concession, and 11 mining claims. Underground mining infrastructure includes underground installations such as two ramps, a 500-metre shaft, hoist, headframe and several surface buildings including administrative, warehouse and mechanical shops.

LaFleur is currently acquiring high-resolution airborne geophysics to help identify mineralized structures at Swanson. The company hopes to commence diamond drilling on several targets within the next several months.