Business
Sailfish Announces Significant Permitting Milestone at Spring Valley
Tortola, British Virgin Islands--(Newsfile Corp. - July 26, 2023) - Sailfish Royalty Corp. (TSXV:...
About this update from Sailfish Royalty Corp.
[{"type":"text","content":"Sailfish Announces Significant Permitting Milestone at Spring ValleyTortola, British Virgin Islands--(Newsfile Corp. - July 26, 2023) - Sailfish Royalty Corp. (TSXV: FISH) (OTCQX: SROYF) (the \"Company\" or \"Sailfish\") is pleased to announce that on April 6, 2023, the United States Bureau of Land Management (\"BLM\") acknowledged receipt of a Plan of Operations and Nevada Reclamation Permit Application (\"PO\") for the Spring Valley Mine Project (\"Spring Valley\") and confirmed that it is technically complete under the terms of the relevant permitting statutes. The PO was filed with the BLM by Solidus Resources, LLC (\"Operator\") on March 7, 2023 and proposes the development of an open pit mine, heap leach facilities and related operations and facilities at Spring Valley.Paolo Lostritto, CEO, stated, \"Spring Valley is more advanced than originally contemplated. The scope of the PO is based on a 13-year open pit mine plan for 323 million tons of mineralized material that is expected to be heap-leached. This makes Spring Valley one of the largest gold development projects in the Americas and is a core value driver for Sailfish shareholders. We are excited to see the permitting process advance at Spring Valley as our royalty portfolio covers 100% of the proposed open pit as outlined in the PO with the majority of the royalty coverage resulting in a 3% net smelter return royalty (\"NSR\") payable to Sailfish.\"As outlined in the BLM letter dated April 6, 2023 (\"BLM Letter\"), which like the PO is a public record, the BLM has reviewed the PO and found it adequate and technically complete in terms of the requirements outlined in 43 CFR 3809.401(b) and 43 CFR 3809.401(c). The BLM Letter also indicates that the BLM cannot approve the PO until certain additional steps are completed in accordance with Federal and State regulations.Plan of Operations:The PO covers 698 unpatented claims and 895 mill site claims as well as private fee lands, either owned or controlled by the Operator and proposes, among other things, the following activities and facilities:Development of the Spring Valley open pit; Construction of pit dewatering facilities, including rapid infiltration basins; Development of three waste rock storage facilities; Development of a heap leach facility; Construction of a crushing circuit; Construction of carbon processing a...