1) 1911 Gold Corp - History and Overview .........
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Posted On: 12/11/2024 9:48:21 AM
1) 1911 Gold Corp - History and Overview ................................
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1911 Gold Corp - History and Overview
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Declining gold price from $1,900 to $1,050 (year 2011-2015) below production cost caused a depression in the mining sector and decimated many mining explorers, it also culled San Gold which owned the True North Mine in Manitoba.
In January 2016, the Nevada based mining company Klondex Mines purchased the True North mine from creditors for US$32 million (approximate CAN$40 million).
In August 2017 Klondex acquired Bison Gold for US$9 million. Bison owned the Ogama-Rockland Mine and Central Manitoba Mine located at southeast of True North Mine Complex.
In March 2018 Klondex Mines was acquired by Hecla Mining for US$462 million. Hecla Mining (HL.NYSE) is a silver producer based in Idaho, it produces more than 45 percent of all silver in the United States and has operating mines in Alaska, Idaho, Quebec and Yukon.
https://secure.northernminer.com/people-in-mi...003794872/
During the acquisition, Klondex spun the Canadian assets into a new entity, Klondex Canada, stripped True North naked in selling / transferring True North's mining equipment (worth US$40 million) to its operating mines in Nevada to boost the buyout price from Hecla, leaving True North to fend for itself and to struggle on its own :
Paul Huet, CEO of Klondex, said: "The US$45 million attributed to Klondex’s assets in Canada is well justified. Klondex paid US$32 million for True North, acquired Bison for another US$9 million. There is a 1.7 million ounces resource at True North Mine, and Bison on its own has another 340,000 oz. at 8 grams. The project in Timmins comes at no cost. I don’t underestimate the value of a fully permitted mine and mill in Manitoba with the equipment that’s there. It had over $40 million of equipment that Klondex could have sold. Klondex took some of the equipment to Nevada early on, but there’s an awful lot of equipment left that could be sold. In addition, the reserve in the tails is a little north of 40,000 ounces".
In the spin-out, the Canadian assets (True North Mine Complex, Ogama-Rockland Mine, Central Manitoba Mine, Gunnar Mine, Apex project in Manitoba and Denton-Keefer project in Ontario) was spun into a separate company and was incorporated as Havilah Mining Corp under the British Columbia Business Corporations Act on May 3, 2018. Hecla Mining subscribed $7 million (13.46% of equity) in Havilah Mining which at that time had assets value of US$45 million, approximately Can$60 million .
On June 24, 2019 Havilah Mining changed name to 1911 Gold Corp to better fit its heritage value. The administrative office is located in Vancouver. Its stock is listed publicly on the TSX Venture Exchange under the symbol “AUMB”, on the OTCQX market under the symbol “AUMBF” and in Germany under the symbol "2KY.FRA".
1911 Gold Corporation is engaged in the acquisition, exploration, development and extraction of precious metals. The Company owns and operates the Rice Lake property which holds the True North gold mine and mill as well as the Apex property near Snow Lake, Manitoba and the Denton-Keefer properties near Timmins, Ontario. The True North mine is located in the heart of the world-class Rice Lake gold district within the West Uchi greenstone belt. The Company holds a dominant land position with over 63,000 Hectares (630 square kilometer), an operating milling facility, an underground mine with one million ounces gold resources, and significant upside surface exploration potential.
1911 Gold Corporation is committed to operating and developing projects to the highest standard of responsibility, sustainability and respect for the environment, and the communities we work in. Our corporate values, experienced management team and forward thinking board of directors are committed to maximizing shareholder value through transformational growth, and strategic partnership creation.
In conjunction with the 5 hectares (50,000 square meters) True North mill complex, the 58,000 hectares (580 square kilometer) exploration properties surrounding the complex cover the most prospective portions of the Rice Lake greenstone belt, part of the same belt of greenstones that includes the world-class, high-grade Red Lake gold district, located approximately 100 km to the east in Ontario.
https://www.google.ca/maps/place/Rice+Lake/@5...FQAw%3D%3D
https://investorshangout.com/images/MYImages/...wFault.jpg
https://investorshangout.com/images/MYImages/...ojects.jpg
The Rice Lake belt is bound to the north along much of its length by the crustal-scale Wanipigow Fault that extends to Red Lake and is considered to represent a first-order control on gold mineralization, comparable in scale to the Porcupine-Destor Fault in the world-class Timmins-Porcupine Gold Camp.
Although the Rice Lake belt has been explored for gold since its discovery in 1911, previous efforts at systematic belt-scale exploration were hindered by a highly fragmented land position. In this regard, the Company's consolidated land position, the largest ever assembled in the belt, represents an unprecedented opportunity to evaluate this under-explored district at belt-scale, utilizing modern exploration methods.
The consolidation of the Rice Lake district took place in stages between 2011 and 2017 through acquisitions by precursor companies, culminating in 2019 with the acquisition through ground staking of an additional 11,382 hectares (113.82 square kilometers) of highly-prospective ground over the western and northeast portions of the Rice Lake greenstone belt, adjacent to the Wanipigow Fault.
As one of 1911 Gold's flagship assets, the True North Complex is a key component of the overall corporate strategy to develop a district-scale gold exploration and mining operation around a centralized ore processing facility in the Rice Lake greenstone belt.
The Rice Lake exploration properties 150 Km northeast of Winnipeg are easily accessed year-round via provincial road 304 and 314 which service the communities of Manigotagan and Bissett and provides ready access for cost-effective exploration. They include two large highly-prospective claim blocks referred to as Rice Lake and Central Manitoba, both 100% owned by the Company and both include significant past-producing mines. The 43,895 hectares Rice Lake property consists of a continuous block of mining claims and mineral leases in the western and north-central portions of the belt. It extends for 80 km along the Wanipigow Fault and includes the True North mine with 2 million ounces of historical gold production. The 9,227 hectares Central Manitoba property covers the prospective eastern portion of the Rice Lake belt 25 km southeast of the True North Complex. The geological setting is analogous to True North and includes the historical Central Manitoba, Gunnar and Ogama-Rockland mines which account for 300,000 ounces of past gold production. 2022 drilling confirms the extensions of gold mineralized structures over 400 meters of strike length on the Wentworth vein corridor and over 270 meters of strike length on the Hope-Roger vein corridor at the historical Central Manitoba Gold Mine.
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1911 Gold's ore processing mill
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Located on the north shore of Rice Lake in Manitoba, 150 Km northeast of Winnipeg, the 50,000 square meter True North Complex is a modern, fully-permitted 1,300 tonnes per day ore processing facility, expandable to 2,500 tonnes per day, tailings management area and reprocessing operation, underground mine infrastructure (currently under temporary closure), and the True North Gold Deposit. The Company is successfully generating near term cashflow from historic tailings, producing between 5,000 and 5,500 ounces of gold a year to support the exploration effort and maintain the existing facilities.
Under the guidance of a strong technical management team with exceptional local knowledge, the Company is actively exploring in areas of the Rice Lake belt that have historically seen little to no activity. The successful exploration results to date have provided further conviction that the discoveries in the region have only just begun.
Existing infrastructure at True North, combined with the high-grade mineral resource, provides a solid foundation to build a modern long-life mining and processing operation. The site has necessary infrastructure to maintain operations: All-season road access, grid hydroelectric power and broadband communications, as well as on-site maintenance shops, assay laboratory, warehouse, fuel storage facilities and administrative offices. There is a 200-room camp with kitchen, dining, recreation and fitness facilities.
https://www.google.ca/maps/@50.2943769,-95.70...FQAw%3D%3D
https://investorshangout.com/images/MYImages/...cility.jpg
https://investorshangout.com/images/MYImages/...gplant.jpg
https://investorshangout.com/images/MYImages/...lity_1.jpg
https://investorshangout.com/1911-Gold-Corp-AUMBF-94051/
===============================
1911 Gold Corp - History and Overview
===============================
Declining gold price from $1,900 to $1,050 (year 2011-2015) below production cost caused a depression in the mining sector and decimated many mining explorers, it also culled San Gold which owned the True North Mine in Manitoba.
In January 2016, the Nevada based mining company Klondex Mines purchased the True North mine from creditors for US$32 million (approximate CAN$40 million).
In August 2017 Klondex acquired Bison Gold for US$9 million. Bison owned the Ogama-Rockland Mine and Central Manitoba Mine located at southeast of True North Mine Complex.
In March 2018 Klondex Mines was acquired by Hecla Mining for US$462 million. Hecla Mining (HL.NYSE) is a silver producer based in Idaho, it produces more than 45 percent of all silver in the United States and has operating mines in Alaska, Idaho, Quebec and Yukon.
https://secure.northernminer.com/people-in-mi...003794872/
During the acquisition, Klondex spun the Canadian assets into a new entity, Klondex Canada, stripped True North naked in selling / transferring True North's mining equipment (worth US$40 million) to its operating mines in Nevada to boost the buyout price from Hecla, leaving True North to fend for itself and to struggle on its own :
Paul Huet, CEO of Klondex, said: "The US$45 million attributed to Klondex’s assets in Canada is well justified. Klondex paid US$32 million for True North, acquired Bison for another US$9 million. There is a 1.7 million ounces resource at True North Mine, and Bison on its own has another 340,000 oz. at 8 grams. The project in Timmins comes at no cost. I don’t underestimate the value of a fully permitted mine and mill in Manitoba with the equipment that’s there. It had over $40 million of equipment that Klondex could have sold. Klondex took some of the equipment to Nevada early on, but there’s an awful lot of equipment left that could be sold. In addition, the reserve in the tails is a little north of 40,000 ounces".
In the spin-out, the Canadian assets (True North Mine Complex, Ogama-Rockland Mine, Central Manitoba Mine, Gunnar Mine, Apex project in Manitoba and Denton-Keefer project in Ontario) was spun into a separate company and was incorporated as Havilah Mining Corp under the British Columbia Business Corporations Act on May 3, 2018. Hecla Mining subscribed $7 million (13.46% of equity) in Havilah Mining which at that time had assets value of US$45 million, approximately Can$60 million .
On June 24, 2019 Havilah Mining changed name to 1911 Gold Corp to better fit its heritage value. The administrative office is located in Vancouver. Its stock is listed publicly on the TSX Venture Exchange under the symbol “AUMB”, on the OTCQX market under the symbol “AUMBF” and in Germany under the symbol "2KY.FRA".
1911 Gold Corporation is engaged in the acquisition, exploration, development and extraction of precious metals. The Company owns and operates the Rice Lake property which holds the True North gold mine and mill as well as the Apex property near Snow Lake, Manitoba and the Denton-Keefer properties near Timmins, Ontario. The True North mine is located in the heart of the world-class Rice Lake gold district within the West Uchi greenstone belt. The Company holds a dominant land position with over 63,000 Hectares (630 square kilometer), an operating milling facility, an underground mine with one million ounces gold resources, and significant upside surface exploration potential.
1911 Gold Corporation is committed to operating and developing projects to the highest standard of responsibility, sustainability and respect for the environment, and the communities we work in. Our corporate values, experienced management team and forward thinking board of directors are committed to maximizing shareholder value through transformational growth, and strategic partnership creation.
In conjunction with the 5 hectares (50,000 square meters) True North mill complex, the 58,000 hectares (580 square kilometer) exploration properties surrounding the complex cover the most prospective portions of the Rice Lake greenstone belt, part of the same belt of greenstones that includes the world-class, high-grade Red Lake gold district, located approximately 100 km to the east in Ontario.
https://www.google.ca/maps/place/Rice+Lake/@5...FQAw%3D%3D
https://investorshangout.com/images/MYImages/...wFault.jpg
https://investorshangout.com/images/MYImages/...ojects.jpg
The Rice Lake belt is bound to the north along much of its length by the crustal-scale Wanipigow Fault that extends to Red Lake and is considered to represent a first-order control on gold mineralization, comparable in scale to the Porcupine-Destor Fault in the world-class Timmins-Porcupine Gold Camp.
Although the Rice Lake belt has been explored for gold since its discovery in 1911, previous efforts at systematic belt-scale exploration were hindered by a highly fragmented land position. In this regard, the Company's consolidated land position, the largest ever assembled in the belt, represents an unprecedented opportunity to evaluate this under-explored district at belt-scale, utilizing modern exploration methods.
The consolidation of the Rice Lake district took place in stages between 2011 and 2017 through acquisitions by precursor companies, culminating in 2019 with the acquisition through ground staking of an additional 11,382 hectares (113.82 square kilometers) of highly-prospective ground over the western and northeast portions of the Rice Lake greenstone belt, adjacent to the Wanipigow Fault.
As one of 1911 Gold's flagship assets, the True North Complex is a key component of the overall corporate strategy to develop a district-scale gold exploration and mining operation around a centralized ore processing facility in the Rice Lake greenstone belt.
The Rice Lake exploration properties 150 Km northeast of Winnipeg are easily accessed year-round via provincial road 304 and 314 which service the communities of Manigotagan and Bissett and provides ready access for cost-effective exploration. They include two large highly-prospective claim blocks referred to as Rice Lake and Central Manitoba, both 100% owned by the Company and both include significant past-producing mines. The 43,895 hectares Rice Lake property consists of a continuous block of mining claims and mineral leases in the western and north-central portions of the belt. It extends for 80 km along the Wanipigow Fault and includes the True North mine with 2 million ounces of historical gold production. The 9,227 hectares Central Manitoba property covers the prospective eastern portion of the Rice Lake belt 25 km southeast of the True North Complex. The geological setting is analogous to True North and includes the historical Central Manitoba, Gunnar and Ogama-Rockland mines which account for 300,000 ounces of past gold production. 2022 drilling confirms the extensions of gold mineralized structures over 400 meters of strike length on the Wentworth vein corridor and over 270 meters of strike length on the Hope-Roger vein corridor at the historical Central Manitoba Gold Mine.
==========================
1911 Gold's ore processing mill
==========================
Located on the north shore of Rice Lake in Manitoba, 150 Km northeast of Winnipeg, the 50,000 square meter True North Complex is a modern, fully-permitted 1,300 tonnes per day ore processing facility, expandable to 2,500 tonnes per day, tailings management area and reprocessing operation, underground mine infrastructure (currently under temporary closure), and the True North Gold Deposit. The Company is successfully generating near term cashflow from historic tailings, producing between 5,000 and 5,500 ounces of gold a year to support the exploration effort and maintain the existing facilities.
Under the guidance of a strong technical management team with exceptional local knowledge, the Company is actively exploring in areas of the Rice Lake belt that have historically seen little to no activity. The successful exploration results to date have provided further conviction that the discoveries in the region have only just begun.
Existing infrastructure at True North, combined with the high-grade mineral resource, provides a solid foundation to build a modern long-life mining and processing operation. The site has necessary infrastructure to maintain operations: All-season road access, grid hydroelectric power and broadband communications, as well as on-site maintenance shops, assay laboratory, warehouse, fuel storage facilities and administrative offices. There is a 200-room camp with kitchen, dining, recreation and fitness facilities.
https://www.google.ca/maps/@50.2943769,-95.70...FQAw%3D%3D
https://investorshangout.com/images/MYImages/...cility.jpg
https://investorshangout.com/images/MYImages/...gplant.jpg
https://investorshangout.com/images/MYImages/...lity_1.jpg
https://investorshangout.com/1911-Gold-Corp-AUMBF-94051/
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