TORONTO, Feb. 13, 2022 (GLOBE NEWSWIRE) -- EnviroGold Global Limited (CSE: NVRO | OTCQB: RGOZF |FSE: YGK) (“EnviroGold Global” or the “Company“), a Clean Technology Company accelerating the world’s transition to a circular-resource economy through the production of Metals Without Mining, is pleased to announce it will initiate a coring program targeting the recently discovered “Western Arc” polymetallic tailings extension identified by a January 2022 independent geophysical survey (link) that indicated substantial additional tailings and major upside potential in the Jeff Wall Claim. The Jeff Wall Claim is subject to EnviroGold Global’s definitive commercial agreement (link) allowing the Company to reprocess and recover precious, critical and strategic metals from legacy mine tailings located on 1,225 hectares (3,025 acres) of mining claims covering the deltaic tailings deposit around the mouth of the Buchans River.
The coring program will collect material from 99 points within the Jeff Wall Claim focusing on the highest density areas along the “Western Arc” identified by the recent tailings deposit geophysical survey. EnviroGold Global will commence coring in February 2022, so contributing to the publishing of a mineral resource estimate for the Buchans Project in mid-2022. The Company expects to initiate commercial production of precious metals (gold, silver), battery and clean-energy metals (lead, copper, zinc) in 2023.
Commenting on the recent developments, EnviroGold Global CEO, Dr. Mark Thorpe, said, “We look forward to announcing the results of the coring program, which represents another major milestone in the development of our high-value global tailings reprocessing portfolio. Our goal continues to be adding substantial ounces of gold and silver and substantial tonnes of lead, copper and zinc to a global tailings resource that will allow us to create outstanding returns for our shareholders while creating sustainable, lasting value for community and environmental stakeholders by producing Metals Without Mining.”
About the Buchans Project
The Buchans Tailings were produced during decades of mining operations within the Buchans Mining District, which was home to one of the world’s largest volcanogenic massive sulphide (VMS) deposits. From 1928 to 1984, American Smelting and Refining Company Inc. (ASARCO) produced approximately 16 million tonnes from five deposits with an average mill head grade of 14.51% zinc, 7.56% lead, 1.33% copper, 126 g/t silver and 1.37 g/t gold (reference: Geoscience Canada, Volume 37, Number 7, December 2010). From the start of the operation to about 1965, tailings from the operations were deposited into the Buchans River and flowed down the creek contributing to the Buchans River Delta.
The Company expects to deploy modular, scalable metal recovery and tailings remediation systems at the site designed with the capacity to process up to 1,000 tonnes per day of the reclaimed tailings.
Qualified Person Statement
All scientific and technical information contained in this news release was prepared and approved by Ian Hodkinson, MAIG RPGeo, Chief Geologist of EnviroGold Global, who is a Qualified Person as defined in NI 43-101.
About EnviroGold Global
EnviroGold Global (CSE: NVRO) (OTCQB: RGOZF) (FSE: YGK), is a CleanTech company dedicated to creating shareholder value while establishing ESG & circular economy leadership by profitably reprocessing & remediating mine waste (tailings) to recover precious, critical & strategic metals – including gold, silver, copper & nickel. Led by CEO Dr. Mark Thorpe, the Company is strategically positioned to earn and maintain social license while capitalizing the estimated US$ 3.4 trillion of in situ metal value in global tailings. Dr. Thorpe is also the Chairman of the Canadian Mining Innovation Council.
The Company’s commercial strategy involves identifying, qualifying and developing tailings reprocessing opportunities, generally targeting tailings sites with at least 6M metric tonnes of tailings and gross recoverable metal value of $124/tonne of tailings. The Company has reviewed over 300 global tailings sites to date and through further market segmentation has identified potential targets exceeding US$10 billion in gross recoverable metal value.
EnviroGold Global acquires the metal recovery rights to tailings sites by leveraging a profit share business model to create an attractive value proposition for site owners. The Company’s low-CAPEX business model is designed to generate high free-cash flow & high target IRR while eliminating the risks of traditional exploration and extraction. The Company expects to produce metals with a carbon footprint up to 96% lower than conventional metal producers while reducing the environmental footprint of legacy mining.
As of January 2022, the Company has 8 Major Projects in its global project pipeline including 1 major project under contract, 1 major project subject to an MOU, and 6 additional major projects at various stages of commercial negotiation and detailed technical/economic review.
The Company expects to commence commercial production of precious metals (gold and silver), clean energy metals and battery metals (copper, lead, zinc) 2022 and is targeting 7 major projects in commercial production by 2025.
Additional information can be found on the Company’s website (link) and publicly available corporate presentation (link)
https://www.globenewswire.com/news-release/2022/02/13/2383987/0/en/EnviroGold-Global-Seeks-to-Double-Potential-High-Grade-Tailings-Project-Upside-with-Initiation-of-Coring-Program-Targeting-Major-Polymetallic-Tailings-Deposit-Extension-at-Buchans-.html