Nugget Pond Crown Pillar depositRambler Metals applies for environmental permit for Nugget Pond Crown Pillar deposit in Newfoundland
Rambler Metals and Mining (TSX-V:RAB, AIM: RMM) said Wednesday it applied for an environmental permit to mine the Nugget Pond Crown Pillar deposit in Newfoundland.
Regulators are expected to announce their decision by February 3, the company said.
Rambler plans to start mining the deposit in the second quarter using open pit methods. The Crown Pillar has a historical resource estimate of about 8,100 tonnes of ore grading 7.7 g/t of gold.
According to the company, the project will require low capital investment with a quick start up, since the crown pillar is accessible from the surface and is less than 150m away from the company's Nugget Pond ore processing facility.
"While the mining of Crown Pillar itself will be of short duration there remains much exploration potential both within our own mining lease and over the entire mineralized trend," said vice president of corporate development, Peter Mercer.
The Crown Pillar deposit forms part of a mining lease the company acquired when it bought the Nugget Pond facility in 2009 for C$3.5 million.
Rambler also announced today that its Ming mine, located 40 km from the Nugget Pond facility, has entered its construction phase and is expected to be back in production this year.