Company: Newlox Gold Ventures Corp
Listings : Canadian Securities Exchange, Frankfurt
Tickers: LUX , NGO
Market cap at time of publication: $ 49 MCAD
Stock price at time of publication: $0.335 CAD
Number of shares fully diluted: 190,390,637
Business: Environmentally friendly and socially responsible gold mining
Market Size: US$180bn
|Vancouver, BC, 29 September 2021 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX Frankfurt/Stuttgart: NGO | PINK: NWLXF) is pleased to announce grab sample results as high as 77.1 grams per tonne gold from the most accessible portions of the historic Boston Mine in Costa Rica. The Boston Mine is currently being exploited by Newlox Gold’s local mining partners with whom Newlox has partnered to supply primary feedstock to the Company’s Boston Processing Plant, which is now at an advanced stage of construction.|
Grab samples were taken by the Company’s geological team from vein structures identified by the Company’s local mining partners at the Boston Mine. Four grab samples from prominent veins in easily accessible areas of the Boston Mine were assayed using the Fire Assay method, returning 46.57 g/t Au, 67.80 g/t Au, 73.28 g/t Au, and 77.10 g/t Au respectively. These results affirm historical data indicating the presence of high-grade gold associated with epithermal quartz vein systems at the Boson Mine, however the reader is cautioned that such grab samples are not necessarily indicative of the mineralization in general for the deposit. A National Instrument 43-101 report by Veritas Mining C.R. S.A. in 2011 on the Boston Project and surrounding Juntas Gold Camp published a historical resource of 241,000 tonnes containing 20,800 oz of gold and an exploration potential of between 685,000 and 981,000 ounces. A substantial portion of the exploration potential was ascribed to the Boston Project area.
The Company has under construction its second environmentally and socially positive precious metals recovery plant at the Boston Project, which is intended to process feedstock newly extracted by the Company’s local mining partners. In anticipation of the commissioning of the Boston Processing Plant, the Company’s mining partners are reconditioning the Boston Mine adits (tunnels) and identifying veins of interest for sampling and future mining.
At the Boston mine, historical records and recent local mining indicate four mining levels, targeting a system of steeply dipping northeast-trending veins up to 5 meters thick, with grades up to 77.1 grams per tonne, that are readily accessible for immediate exploitation. As with other concessions in this area, bonanza-type shoots with higher grades may be anticipated.
Newlox plans to operate the mill at Boston capable of processing 150 tonnes per day of material grading +- 15 grams per tonne gold with an anticipated gold recovery of 90%. All feedstock is to be provided by Newlox’s mining partners, with profits to be split evenly between the parties. The Company expects the Boston Project to contribute significantly to Newlox’s near-term growth.
A Message from Ryan Jackson, President and CEO:
“These first outstanding high-grade gold results from grab sampling at the historic Boston Mine support both historical exploration results and confirm mining reports provided by the Company’s local mining partners.
We are encouraged that the easily accessible vein structures within the Boston Mine, which are currently slated for immediate exploitation by the local miners, have returned gold grades in excess of 70 grams per tonne. Although the grab sample results do not necessarily indicate the mineralization in general for the deposit, the findings support historical and current data on the Boson Mine.
Positive sampling results from the Boston Mine are especially timely since construction at the Boston Plant is nearing completion. Like many of the Company’s initiatives in 2021, construction at Boston is behind schedule but is progressing nicely.
This year, we have been frustrated by significant delays due to the pandemic and the associated global supply chain disruptions. The Company has had key members of its management and engineering team affected directly by the COVID-19 virus. Additionally, equipment and consumables were delivered over three months later than expected.
These challenges have led the Company to lose time but not resolve.”
Newlox Gold enjoys both a robust treasury, and an experienced technical team that has implemented numerous strategies to overcome supply chain challenges at operations. Our team is completing the ramp-up of Project 1 (our operational tailings remediation project), which is already cash-flow positive and improving each month. The team will complete the construction and commissioning of the Boston Project and will then be positioned to support both our regional growth strategy in Central America, and our new activities in Brazil.
We are very pleased with the results that came in today from Newlox Gold second plant also known as the “Boston project”. The four samples that were taken from prominent veins in easily accessible areas gave the following results “46.57 g/t Au, 67.80 g/t Au, 73.28 g/t Au, and 77.10 g/t Au respectively.” These results are 450 % higher than indicated from the management presentation which counts on a material grading of just 15 grams of gold per tonne. Although the median average cannot as a whole be indicative of what the entire ore body looks like and will produce these samples are definately a very positive sign in the right direction!
These results strengthen our confidence that the “Boston project” will be very profitable and take part in funding future expansion. We look forward to seeing the “Boston project” be up and running before the end of the year.
According to the companies presentation, at full capacity this plant will reach 20 000 ounces (566 990 grams ) of gold each year. This number may very well be exceeded if the ore gradings on the median average are anywhere near what the samples indicate.
We own shares of these companies personally.
Investing in stocks is combined with certain risks and it is possible to lose your entire investment. Our posts are made for Educational purposes only and are not to be interpreted as tips , financial advice or recommendations of any kind to either buy or sell any stocks.
Companies may or may not be paying us for content posted on this blog.