Newlox Gold Ventures (CSE: LUX) continues to keep an eye focused on growth. The firm this morning provided an update on its recent entrance into the Brazil gold industry, where it is focused on developing ESG-based precious metals projects in partnership with artisanal miners.
The company reportedly has identified three potential regions for deploying its projects, which were identified in partnership with NAP.Mineração/USP, its partner in the region. The properties identified reportedly offer “significant opportunities” and represent “the backbone of an ambitious expansion program envisioned by management.”
The first region identified for the potential deployment of another precious metals processing facility is that of the Mato Grosso region within the Amazon. Here, the artisanal mining cooperative consists of over 5,900 members with over 300 active mining faces. Production in the region in 2020, even throughout the pandemic, is estimated at 4.8 tons of gold.
“We are excited to see Newlox Gold begin its ambitious expansion in Brazil, which will be a significant milestone in the Company’s growth strategy. The Brazilian mining industry is several orders of magnitude larger than what is found in Costa Rica, with over 250,000 known artisanal miners operating in the Amazonia region alone. This first project in Brazil will be Newlox’s third such unit in its Latin American growth program geared toward increasing productivity while delivering social and environmental benefits to local stakeholders.”Ryan Jackson, President & CEO
Details for the other two potential projects were not provided, however the company did indicate that it intends on breaking ground in the winter of 2021/2022 for its first Brazil-based facility. Personnel are reportedly on the ground undertaking due diligence field work to advance the initiative.
Newlox Gold Ventures last traded at $0.48 on the CSE.
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