Business
Option to Acquire Gold Tailings Project
Option to Acquire Gold Tailings Project.
About this update from Fulcrum Metals Plc
[{"type":"text","content":"\n\n30 November 2023\n \nFulcrum Metals plc\n(\"Fulcrum\" or the \"Company\" or the \"Group\")\n \nOption to Acquire Teck-Hughes Gold Tailings Project\n \n Enters Advanced Discussions with Extrakt to Licence its Sustainable Gold Leaching Technology\n \nFulcrum Metals plc (LON: FMET), a company focused on mineral exploration and development in Canada, is pleased to announce that its wholly owned subsidiary Fulcrum Metals (Canada) Ltd (\"FMCL\") has entered into an option agreement (\"the Mining Option Agreement\") to acquire a 100% interest in the Teck Hughes Gold Tailings project (\"Teck-Hughes\"), located in Kirkland Lake, Ontario, Canada.\n \nIn addition, the Company also announces that, in parallel with the Mining Option Agreement, it is in advanced discussions with Extrakt Process Solutions (\"Extrakt\"), regarding the licensing of its proprietary technology. Extrakt is a sustainable technology company using separation technology to extract metals from tailings without the use of cyanide.\n \nHighlights\n \n· Option to acquire 100% of the Teck-Hughes Gold Tailings Project - the mine itself has historically milled 9,565,302 tons of ore and produced 3,700,007 ounces of gold.\n· Historic sampling and auger drilling campaigns were conducted at the project, the first in 1980 and the most recent between 2018 and 2022 which produced a non-complaint resource estimation.\no As part of the most recent campaign a total of 95 auger samples were collected and assayed at Actlabs in Timmins. The highest sample assayed 1.23g/ton Au with 72 of the 95 samples assaying between 0.5 to 0.8 g/t Au, the average being 0.66g/ton Au.\no Based on the data from this sampling along with that of the drill program from 1980 an estimate of the tonnage was calculated over the north, west and northeast arm of the tailings totalling 6,531,300 tons of material at 0.66g/ton Au for 138,460 ounces contained Au.\n· The Company is in advanced discussions with Extrakt for the use of its proven non-cyanide gold leaching tailings extraction technology.\n· Testing of tailing material from Teck-Hughes, using Extrakt's technology, is scheduled for Q1 2024.\n· This represents an opportunity for Fulcrum to utilise proven tailin...