Newlox Gold Ventures (CSE: LUX) is evidently nearing the completion of its second processing facility, with the company announcing this morning that its artisanal partners have begun operations at the historic Boston mine in advance of the processing facility being completed.
The local mining partners are now working towards stockpiling freshly sourced material as the company gears up to enter production. The facility, once fully operational, will be capable of processing up to 150 tonnes per day of material, with material expected to grade roughly 15 g/t gold.
Recoveries meanwhile are expected to come in at 90%. Profits from the operations will then be split equally between Newlox and its local mining partners.
Sponsored · Selkirk Copper Mines
Construction of the Boston project is expected to be completed by the end of the year following delays as a result of the ongoing pandemic. Testing and commissioning are also slated to be completed, meaning production should be gearing up in the near term, with full scale production slated for next year.
Finally, the company indicated that the mine itself was refurbished over the summer of 2021, with initial grab samples from proposed mining locations returning values as high as 77.1 g/t gold.
Newlox Gold last traded at $0.29 on the CSE.
FULL DISCLOSURE: Newlox Gold Ventures Corp is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Newlox Gold Ventures Corp on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
