Newlox Gold Ventures Corp (CSE: LUX) this morning announced the advancement of the firms second processing plant, referred to as the Boston Project. The plant, at full scale, is anticipated to see 150 tonnes of throughput per day, with material grading 15 grams per tonne gold or higher.
The Boston Project is currently anticipated to enter production early in the second quarter, with the facility to be operated in conjunction with local mining groups. Located in the historic Juntas Gold Camp of Costa Rica, the plant will see local partners supply freshly mined feedstock to the plant, which will then be processed by Newlox.
The operation is working under a model whereby net revenues after all production costs will be split 50/50 between the miners and Newlox.
The Boston area, which is where the mine is located, currently hosts three historical mines that were focused on veins up to 5 metres thick, with average grades of 7.41 g/t to 12.6 g/t gold. The historical mines have been worked for the past three decades by the firms artisanal mining partners, with current grades said to be exceeding historical average grades. Grades within the large Juntas camp as a whole are said to average a higher historical production figure, with the partners currently mining a region, the Tres Hermanos, that averages 16 g/t gold.
“Newlox Gold expects to have a transformational year in 2021; the Company’s first processing plant is expected to achieve full-scale production, and the Boston Project is slated to enter production early in the second quarter. Additionally, Newlox is actively evaluating projects in neighbouring jurisdictions and plans to select and announce its third project in the spring with the intention of starting construction at Project 3 in the second half of 2021.”Ryan Jackson, CEO of Newlox Gold
The announcement of the advancement of the Boston Project follows the firms Friday evening announcement that it has closed a financing for gross proceeds of $2.8 million, which was raised via a convertible debenture financing.
Newlox Gold Ventures last traded at $0.20 on the CSE.
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