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South Atlantic is Granted Priority to Evaluate Potential Acquisition of the Tucano Gold Mine Located in Amapa State, Brazil
(TheNewswire) July 5 th , 2023 – TheNewswire - Vancouver, British Co...
About this update from South Atlantic Gold, Inc.
[{"type":"text","content":"South Atlantic is Granted Priority to Evaluate Potential Acquisition of the Tucano Gold Mine Located in Amapa State, Brazil\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n July 5\n \n \n th\n \n \n , 2023 –\n \n \n TheNewswire\n-\n \n \n Vancouver, British Columbia – South Atlantic\nGold Inc. (TSXV:SAO) (“\n \n \n South\nAtlantic\n \n \n ” or the “\n \n \n Company\n \n \n ”) is\npleased to announce that it has manifested and granted priority\nhearing under the Judicial Reorganization Process (“\n \n \n \n \n Processo\nde Recuperação Judicial\n \n \n ”) of Mina Tucano\nLtda., Beadell (Brazil) Pty Ltd., and Beadell (Brazil 2) Pty Ltd.,\nwith the objective to investigate and potentially negotiate the\nacquisition of the Tucano Gold Mine (“\n \n \n Tucano\n \n \n ”), being the\nonly exchange listed company to have officially filed interest into\nthe Processo de Recuperação Judicial.\n \n \n \n \n Tucano Gold Mine Highlights:\n \n \n \n \n \n \n Located in the state of Amapá, Brazil, Tucano is\nhosted on a ~197,285-hectare land package in the prospective Vila Nova\nGreenstone Belt of the Guyana Shield\n \n \n \n \n \n \n Initially brought into production in 2005 as a\nconventional open pit and heap leach operation\n \n \n \n \n \n \n The operation was expanded in 2013, including the\nconstruction of 3.5 Mtpa CIL processing facility.\n \n \n \n \n \n \n The mine produced an average of ~130 koz Au per annum\nfrom 2014-2020 at an average AISC of US$1,100/oz\n \n \n \n \n \n \n Produced ~120 koz Au during each of 2018, 2019 and\n2020\n \n \n \n \n \n \n Produced ~80 koz Au and ~60 koz Au in 2021 and 2022,\nrespectively\n \n \n \n \n \n \n Over 1 Moz Au produced to date\n \n \n \n \n \n \n \n \n The mine was purchased by Great Panther Mining Limited\n(\n \n \n Great Panther\n \n \n ”) in mid-2019\n \n \n \n \n \n \n Substantial work completed to date, including ~22,000 m\nof drilling by Great Panther from 2020 to 2022\n \n \n \n \n \n \n \n \n Most recent publicly available technical report (as\ndefined in National Instrument 43-101 -Standards of Disclosure for\nMineral Projects) filed on SEDAR by Great Panther on June 8, 2022 and\nhaving an effective date of July 31, 20...