Sage Gold is reporting it’s produced its first gold from Clavos Mine in Timmins.
In a Nov. 8 news release, the company said it had produced 476 ounces of gold from the first bulk sample at Clavos, which was processed at the Stock Mill, owned by McEwen Mining and located at the Black Fox complex in nearby Black River-Matheson.
“This is a major milestone for the company,” said Nigel Lees, president and CEO at Sage.
Over the last 12 months, the company noted, Sage has reached the following milestones:
- raised over $14 million in capital including financing Clavos to production;
- put in place a life-of-mine custom milling agreement;
- dewatered and rehabilitated 90 per cent of the existing seven kilometres of mine workings;
- surface drilled the "gap" between the Main Zone and the 960 Zone, found an extension to hanging wall zone to the west of the mine workings, and discovered a new sediment zone;
- definition drilled to verify grade in existing resource blocks;
- commenced mining and stock piling of mineralized material on surface;
- milled the first bulk sample; and
- commenced exploration drilling of high-grade veins identified by previous owners.
The company said it plans to continue exploration and drilling to expand the existing mineral resource estimate.
Prepared in 2012, the estimate includes indicated mineral resources of 1,258,400 tonnes at 4.81 grams per tonne gold, totalling 194,600 ounces of gold, and inferred mineral resources of 796,000 tonnes at 4.7 grams per tonne gold representing 120,000 ounces.
In addition to the Clavos Gold property, Sage owns the Onaman property and other exploration properties in the Beardmore-Geraldton gold camp.
