Marathon Gold Submits Environmental Impact Statement For Valentine Gold Project

Marathon Gold Corp (TSX: MOZ) has formally filed its environmental impact statement for the proposed Valentine Gold project, located in central Newfoundland. The impact statement has submitted to both the federal and provincial regulators for assessment.

Now, over a 30 day period the Impact Assessment Agency of Canada (IAAC) will assess the statement for conformity with federal guidelines that were issued last year. Similarly, the provincial body responsible has also agreed to conduct an initial review during this time frame. Once it is approved as conforming to requirements, the statement will then be formally for provincial and federal technical review processes.

The overall technical review period is expected to take roughly twelve months. Should approval be granted, then permitting will be required to be obtained from the proper governmental bodies for site specific construction that needs to occur to build the mine.

The environmental assessment covers fifteen total areas of study, from environmental impact to vegetation and natural habitats, to that of the regional and provincial economies. From this, Marathon highlighted several points within the news release related to benefits to the local communities:

  • 19,000 person years of employment are expected to be created from the mine, of which 11,000 will be in Newfoundland. This includes both direct and indirect employment.
  • Average employment of 1,300 persons a year, of which 725 are estimated to be in Newfoundland.
  • $1.3 billion in income generation for workers and businesses in Canada, of which $0.75 billion is in province.
  • $3.6 billion contribution to Canada’s GDP
  • Estimated $292 million in federal revenue contribution
  • $400 million in incremental revenues to the provincial government

Further, the assessment was based on gold having a price of US$1,350 per ounce, a figure far below current levels. As a result, further income generation can potentially be expected.

Marathon Gold last traded at $2.34 on the TSX.


Information for this briefing was found via Sedar and Marathon Gold. The author has no affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

Military Seizes Power in Madagascar After President Flees

Altamira Gold Hits 395.5 Metres Of 0.4 g/t Gold At Maria Bonita

Related News

New Found Gold Hits 21.4 g/t Gold Over 8.05 Metres In Step Out Drilling

New Found Gold Corp. (TSXV: NFG) today announced assay results from nine holes drilled at...

Tuesday, June 15, 2021, 07:47:54 AM

Beijing Ramps Up Gold Imports In Pivot Away from US Dollar

China has quietly ramped up gold imports by authorizing major banks to use foreign exchange...

Wednesday, May 14, 2025, 10:14:00 AM

Liberty Gold Reports 1.7 Million Indicated Ounces Of Gold At Black Pine Oxide Gold Deposit

Liberty Gold Corp (TSX: LGD) has finally released a resource estimate for its Black Pine...

Tuesday, July 13, 2021, 07:56:22 AM

Amex Exploration Hits 31.87 G/T Gold Over 5.10 Metres At New Discovery

Amex Exploration (TSXV: AMX) this morning announced the discovery of a new high grade gold...

Monday, January 25, 2021, 08:29:15 AM

Great Bear Intersects 16.56 G/T Gold Over 11.00 Metres At Dixie

Great Bear Resources (TSXV: GBR) this morning released assays from twenty two drill holes at...

Wednesday, January 13, 2021, 07:58:55 AM