Abcourt targets PEA for Sleeping Giant gold mine
Abcourt Mines Inc. [ABI-TSXV] has released its 2023 first quarter results and said it plans to announce a preliminary economic assessment (PEA) for its Sleeping Giant mine property in Quebec next month.
The 100%-owned Sleeping Giant Mine contains a high-grade gold deposit located in the Abitibi Greenstone Belt, 80 kilometres north of Amos, Quebec.
The move comes after the company recently doubled its inventory of mineral resources at Sleeping Giant. Back in December, 2022, the company said it had outlined an indicated resource of 173,000 ounces of gold at an average grade of 7.14 g/t. On top of that is an inferred resource of 212,800 ounces.
The company said 98% of the estimated resources are accessible via the existing shaft.
Abcourt recently completed a previously announced amalgamation with Pershimex Resources, a move that Abcourt said has created one of the largest property portfolios amongst gold explorers in Quebec. When the deal was announced in November, 2022, Abcourt said it intends to change its name to Infinitas Gold Inc. and its trading symbol to IN.
It said Infinitas will hold 510 square kilometres of strategic landholdings in regions surrounding Rouyn-Noranda, Amos, Val-d’Or and Label-sur-Quevillon. The portfolio also includes two underground gold mines (Sleeping Giant and Elder) that are currently on care and maintenance and awaiting restart following a revised mine plan, plus a 750-tonne-per-day mill at the Sleeping Giant mine site.
The Infinitas holdings include 14 early-to-advanced stage gold exploration projects hosting many known deposits as well as a feasibility-stage zinc-silver project (Abcourt-Barvue) and a nearby satellite deposit (Vendome).
Abourt posted revenue of $6.2 million for the quarter ended March 31, 2023 from the sale of gold ounces generated by the cleaning of the Sleeping Giant processing plant. The company also reported a profit of $2.09 million and adjusted net earnings of $2.3 million, compared to a net loss of $1.34 million and an adjusted net loss of $918,880 during the same period in 2022.
Gold sales in the quarter were 2,394 ounces and come from mill cleaning.
Meanwhile, Abcourt has announced its first mineral resource estimate for the Flordin Project deposit, which is located 85 kilometres east of the Sleeping Giant plant and 30 kilometres north of Lebel-sur-Quevillon.
The company said the project hosts a measured and indicated resource of 134,700 ounces in 1.78 million tonnes at an average grade of 2.38 g/t. On top of that is an inferred resource of 59,700 ounces in 575,000 tonnes at an average grade of 3.23 g/t.
“We are pleased now to own a third deposit with a mineral resource estimate near our Sleeping Giant mill,’’ said Abcourt President and CEO Pascal Hamelin. He said Abcourt has the potential to become a significant producer in a mining camp without any mill and several orphan deposits belonging to several companies.
On May 18, 2023, Abcourt shares closed at $0.06 and currently trade in a 52-week range of $0.085 and $0.035.