Atlantic Gold secures industrial approval for Touquoy gold project

27 March 2014 (Last Updated March 27th, 2014 18:30)

Australian gold exploration company Atlantic Gold has secured industrial approval from Nova Scotia Environment for its Touquoy gold project in Nova Scotia, Canada.

Australian gold exploration company Atlantic Gold has secured industrial approval from Nova Scotia Environment for its Touquoy gold project in Nova Scotia, Canada.

The latest approval comes as an addition to the environmental assessment approval, which was previously granted by NSE and addresses various associated matters, including erosion and sedimentation controls, surface and groundwater monitoring, certification of construction designs, management of historic tailings.

Atlantic Gold said that it is the final environmental permit required for development of the project, which has an estimated $142m pre-production capital costs and all-in sustaining cash costs of $622 per ounce.

"Touquoy project is expected to produce 84,000oz of gold."

The company now looks to materially advance its funding initiatives that lead to the project's development, operation and closure in a commercial, environmentally sustainable and socially responsible manner.

Touquoy project is expected to produce 84,000oz of gold from ore reserves of 9.59 million tonnes at 1.48gper tonne gold.

In February, Atlantic released an update to the definitive feasibility study highlighting project NPV of $132m and IRR of 38%.

The approval is granted in respect of the construction, operation and reclamation of an open (surface) gold mine and mineral processing facility and associated works at Moose River Gold Mines in Halifax Regional Municipality in the province of Nova Scotia.

According to the company, the approval also addresses matters that include wetland protection, air emissions, sound levels, tailings and effluent management, blasting controls, hazardous materials handling and emergency response plans.

The company is also focused on exploration and development of the Cochrane Hill Gold Deposit in Nova Scotia, Canada.

Energy Technology forum on LinkedIn