Elk Gold & Silver Crown Royalties Announces Corporate Update"...
Gold Mountain – Elk Gold Mine, British Columbia, Canada At the end of the third quarter of 2024 Silver Crown received the C$124,299 minimum royalty payment from Elk Gold Mining Corp. pursuant to the terms of the royalty agreement dated May 11, 2023. Cash payments delivered to Silver Crown pursuant to the terms of the Royalty Agreement now total C$216,296.
Gold Mountain encountered various financial challenges that reflected ongoing operational issues, including commissioning difficulties and delays that impacted production levels at the Elk Mine. These challenges stemmed from grade control and sampling inefficiencies during ramp-up, resulting in lower-than-forecast ore production. To address these challenges, the Company implemented a series of financial restructuring initiatives, that included issuing additional common shares, converting secured debt, raising additional capital by way of a convertible debenture and restructured secured obligations to improve its financial position.
Winter operations commenced in late November of 2024, with a planned return to normal operations by late February. The first phase of infill drilling, focused on the east bench, has been completed, supported by Phase 1 financing for exploration drilling. Currently, mining is focused on the east face of Pit 1, targeting the 1300 series vein system at surface. Construction of a new crushing and ore sorting system is set to begin by the end of the month, with the sorting system expected to significantly improve grades.
https://silvercrownroyalties.com/
https://www.reuters.com/markets/commodities/gold-prices-track-weekly-gain-us-data-tap-2025-01-10/
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