RE:Rampant Avoidance Behavior
Richard Young "so we are moving for this month with engineering work for an expansion to something between seventeen thousand five hundred and twenty thousand tons per day at twenty thousand tons per day it's about double the current nameplate capacity so we believe with a larger Reserve Base a mill expansion we could be producing somewhere around 250 000 ounces of gold per year from a genome it's got a low cost base so it would make it one of the 10 largest and lowest cost gold mines in the country and really the only company mine in that list that's not owned by Barrick Newmont or agnico which are the three large cap gold companies here in North America so it's a unique opportunity to own one of the top gold mines in the country that's not owned by a large cap".
Drill programs at FC and Magino commenced August 1st, 2023.
Richard Young "as I mentioned we've already begun a drill program we've got over five million ounces in resources within the pit about half of that is Reserves We Believe through this infill drill program that we will be able to increase reserves by somewhere between a million and 2 million ounces".
Richard Young "30 best performing stocks on the TSX over a three-year period we were number eight and then you extend that a fourth year before the sale we were eighth again and we believe we've got the same opportunity here at Argonaut and Magino and Florida Canyon and the blue sky plants."
Teranga Gold Recognized as a Top 10 Performer on the Toronto Stock Exchange. "Teranga expects to produce an average of more than 500,000 ounces of gold annually at among the lowest costs in the industry, resulting in significant cash flow for ongoing investment and growth." https://finance.yahoo.com/news/teranga-gold-recognized-top-10-133000420.html
Richard Young "so we've just commissioned the mine we'll produce between 70 and 80 000 ounces this year but next year we should be about 150 000 ounces that's our 'BASE CASE'".
Richard Young "Brian Arkell who was our VP exploration retired and he is credited with really developing Magino to over a 5 million ounce resource today".
The statement above confirms ~130k meters of drilling was suffice to discover 5 million ounces at Magino.
Let me remind you..
The company is currently drilling 63,000m in the Elbow and Central zones(gold grades ranging from 6.0 g/t to 7.0 g/t for 400,000 to 500,000 contained gold ounces), and an additional 12,000m presumably in the South and Scotland zones(high-grade gold targets and exploration targets). That is a total of 75,000m of drilling or ~57% of the total drilling conducted at Magino before September 06, 2022, and the company is now targeting zones that contain high-grade gold which will accentuate the results.
Richard Young "Florida Canyon is a low-grade heapleach operation and it's located in Nevada and underneath all of these low-grade heat bleach oxide operations are sulfides and we've got them and we believe that there's an opportunity to drill those salt lines we're calling it a proof of concept program and really create a larger mine Owen Nichols has done that twice in the U.S he's done that on Castle Mountain and at Mesquite so he's got a unique skill set that we can leverage at Florida Canyon so we're excited".
Richard Young "by the end of the first quarter of next year(Q1 2024) we'll put out updated tax reports for our two principal mines Magino and Florida Canyon and what they will show is the value today".