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: $0.48 CAD
Number of shares fully diluted 190,390,637
Business: Environmentally friendly and socially responsible gold mining
Market Size: US$180bn
|Newlox Gold has today (8/7) provided further information related to the Company’s entrance into the Brazilian gold scene. Newlox Gold intends to develop ESG-focused (environmental, social, and corporate governance) precious metals projects in Brazil through partnerships with local artisanal mining groups.|
As previously announced (16 June 2021), Newlox Gold has begun working in partnership with NAP.Mineração/USP, the centre for small-scale responsible mining at the University of São Paulo, Brazil. The centre supports the dissemination of responsible mining practices to artisanal and small-scale mining operations through applied research, training, and education. NAP.Mineração/USP’s actions are oriented to foster responsible and integrated management of mineral exploration, mine development, mining, rehabilitation, governance and sustainable development within the artisanal mining sector.
With the support of NAP.Mineração/USP, the Company has identified three promising areas suitable for deploying Newlox Gold’s ESG-focused precious metals processing plants. These projects offer very significant opportunities to the Company and represent the backbone of an ambitious expansion program envisioned by management. The Company has now deployed personnel on the ground to undertake in-field due diligence of these projects and is interpreting data from sampling and geological work.
The first area is located in the state of Mato Grosso in the Amazon region, where Dr. De Tomi and NAP.Mineração/USP are conducting a World Bank sponsored project to improve the economic, social, and environmental conditions of artisanal miners and other stakeholders. The established cooperative operating in this area has more than 5,900 members, with 133 mining claims maintaining 300 active mining faces. Gold production in this district in 2020 was estimated to be over 4.8 tons.
Newlox Gold intends to complete its due diligence on these projects over the coming months with the intention of breaking ground on its first Brazilian processing facility (The Company’s 3rd plant) in the winter of 2021/2022. Management looks forward to providing updates during the due diligence, planning, and construction phases as it executes its Latin American growth strategy.
|A Message from Ryan Jackson, President & CEO:|
“We are excited to see Newlox Gold begin its ambitious expansion in Brazil, which will be a significant milestone in the Company’s growth strategy. The Brazilian mining industry is several orders of magnitude larger than what is found in Costa Rica, with over 250,000 known artisanal miners operating in the Amazonia region alone.
This first project in Brazil will be Newlox’s third such unit in its Latin American growth program geared toward increasing productivity while delivering social and environmental benefits to local stakeholders.”
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