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TMAC Resources Initiates Madrid North Underground Portal

Mining News - Published on Fri, 01 Nov 2019

Image Source: Business Wire
TMAC Resources Inc announced that construction has started on the Madrid North underground portal. The portal and underground development is targeting the Naartok West zone, enabling access to first production stopes in late 2020. Mr Jason Neal, President and Chief Executive Officer of TMAC, said "We are pleased to announce breaking ground on the Madrid underground portal. This is an important milestone as Madrid North development will provide both near-term operational flexibility and enable medium-term potential growth alternatives at Hope Bay. The Naartok West zone will be the first underground area developed within the overall Madrid North deposit, which as at December 31, 2018 had a defined reserve of 2.1 7 million ounces of gold, almost entirely above the 400 metre level. Near surface, the Naartok West zone includes a wide, high-grade core as demonstrated again by the results of the 2018 surface drilling program. Drilling results in 2018, targeted from surface to the 150 metre level, include drill-hole intersections up to 7.4 g/tAu over 65.7metres, including 14.4 g/tAu over26.1 metres and 12.9 g/tAu over 50.0metres, including 60.1 g/t over 8.0 metres. The Naartok West deposit lends itself to efficient mining via conventional long-hole stopes, with increased mining widths and ounces per vertical metre."

Mr Jason Neal continued, “To provide further future operational flexibility, this Madrid North underground portal can also be used to drive exploration drifts towards Naartok East, Suluk, Rand and Spur deposits for future bulk samples and exploration. Also, opening the underground mine provides for the establishment of key infrastructure that will be leveraged against further development at Madrid North overall. Both surface infrastructure and the underground development will also improve exploration efficiency. This is in addition to the development that has been completed to initiate the Naartok East crown pillar recovery from surface that is currently underway. The 2019 capital expenditure guidance has previously been increased by $4 million to purchase equipment for delivery as part of the 2019 sealift and will be increased by a further $6 million for the cost to commence construction of surface infrastructure and to commence the portal and ramp during the remainder of 2019."

Mr Jason Neal concluded, "TMACis fully permitted for underground mines at Doris, Madrid North, Madrid South and Boston, including surface crown pillar recoveries at Madrid North. We have also permitted infrastructure well beyond our 2015 Preliminary Feasibility Study including 6,000 tonnes per day processing capability across the Hope Bay belt, tailings capacity, port expansion, and wind power generation which puts the company in a strong position to evaluate the future potential of the Hope Bay belt. The strength of our permitting position is also a key advantage as we evaluate potential medium-term growth opportunities."

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Posted By : Rabi Wangkhem on Fri, 01 Nov 2019
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