Mr. Paul Teniere reports
LAFLEUR MINERALS COMMENCES DIAMOND DRILLING AT THE SWANSON GOLD DEPOSIT AND COMPLETES INDEPENDENT VALUATION OF THE BEACON GOLD MILL
Lafleur Minerals Inc. has commenced its diamond drilling program at its Swanson gold project in the Abitibi region, Quebec, after receiving all the necessary permits including the authorization to intervene and the forestry intervention permits. These permit approvals mark a major milestone, allowing the company to move forward with its fully financed, minimum 5,000-metre drilling program starting with the Swanson gold deposit. Simultaneously, the company announces the completion of the independent valuation of its Beacon gold mill by Bumigeme Inc. confirming: (1) the Beacon mill is in excellent condition; (2) rehabilitation and commissioning costs estimated at $4.1-million; and (3) full replacement cost of the mill and tailings storage facility combined with permitting costs estimated to exceed $71.5-million, underscoring the strategic value of the asset. Lafleur Minerals has also significantly expanded its land position at its wholly owned Swanson gold project, now covering over 18,300 hectares across 445 claims and one mining lease, reinforcing its district-scale exploration potential.
These recent developments mark a major operational inflection point for Lafleur Minerals:
- Detailed mill restart plan: With the Beacon gold mill valued at over 17 times its estimated rehabilitation and recommissioning costs, Lafleur Minerals holds a unique, fully permitted processing facility within a major gold mining jurisdiction, providing a path to near-term gold production in a region flush with custom-milling opportunities and nearby gold deposits.
- Aggressive drilling and land expansion: The start of a fully financed 5,000-metre drilling campaign and a significant land expansion within the Swanson gold project unlocking substantial discovery potential.
- Strategic positioning: Few junior mining companies control both an advanced gold project and a fully permitted and refurbished mill. Lafleur Minerals is now positioned as one of the most exciting gold development companies in Quebec, with low mill restart and commissioning costs and significant assets exceeding its current market capitalization.
Bumigeme valuation complete
Independent mining engineering firm Bumigeme has completed its full evaluation of the company's Beacon mill in Val d'Or, Que., and concluded that the mill is in excellent condition with anticipated rehabilitation and recommissioning costs of $4.1-million as part of its planned restart program. Furthermore, Bumigeme estimated the replacement capital expenditure cost to build a new similar gold mill today at $49.5-million. This cost does not include the building of a new tailings storage facility, including a tailings pond, finishing basin, piping and pumping station, which is estimated at $12-million, and mining and environmental studies and permitting costs estimated at $10-million. Bumigeme also estimates it would take a minimum of 18 months to build a new mill and TSF, in addition to a minimum of five years to complete all required studies and receive all necessary permits from the federal, provincial and municipal governments, and local and indigenous communities, prior to construction. The results of this independent valuation confirm the strong value and incredible opportunity the Beacon mill offers for future milling of gold deposits in the Abitibi region after recommissioning work is complete. The results of the Bumigeme evaluation will also be incorporated into the company's continuing work toward a preliminary economic assessment for the Swanson gold project.
The company's next immediate priority is to secure the necessary financing to complete the rehabilitation and recommissioning of the Beacon gold mill with the aim to complete the mill restart program by early 2026.
Diamond drilling commences at Swanson
The diamond drilling program at the Swanson gold project will focus on priority target areas including the Swanson gold deposit, as well as Bartec, Jolin and Marimac target areas. These high-potential zones were selected following an extensive compilation of historical data and recently completed detailed exploration work by Lafleur Minerals, including:
- High-resolution airborne magnetic and very low frequency-electromagnetic surveys;
- Prospecting and soil geochemistry surveys;
- Induced polarization survey program.
Drilling has already commenced at the Swanson gold deposit, and will test key structural, geological, geochemical and geophysical anomalies for additional gold mineralization potential along strike. The company looks forward to sharing additional details and drilling assay results in the coming weeks.
Additional claim staking at Swanson
The company is also pleased to announce it has recently staked an additional 32 mineral claims, covering approximately 1,824 hectares, on strike and to the northwest of the Swanson gold deposit. This claim expansion extends the project's coverage of favourable geology to over 33 kilometres of strike length, significantly enhancing Swanson's exploration potential. The Swanson property represents one of the largest land and mineral packages in the renowned southern Abitibi gold belt, which hosts favourable geology and mineralized structures. The Swanson gold project now includes 445 mineral claims and one mining lease covering a total of 18,304 hectares, positioning it as a key district-scale gold exploration play on a project that hosts over 36,000 metres of historical drilling and multiple high potential drill targets.
Paul Teniere, chief executive officer of Lafleur Minerals, stated: "We are very pleased with results of the full evaluation of the Beacon gold mill by Bumigeme, and it truly shows the incredible potential of this milling asset as we advance towards becoming a near-term gold producer. Our technical team has also done an exceptional job integrating historical exploration data with new geophysical and geochemical data sets to define compelling drilling targets at Swanson. Receiving the required permits clears the way for us to advance one of the most exciting exploration and drilling campaigns in the region. Not only are we launching a fully funded, data-driven drilling program, but we've also strategically expanded our land position in a way that meaningfully increases our discovery potential."
Qualified person statement
All scientific and technical information in this news release has been prepared and approved by Louis Martin, PGeo (OGQ), exploration manager and technical adviser of the company, considered a qualified person for the purposes of National Instrument 43-101.
About Lafleur Minerals Inc.
Lafleur Minerals is focused on the development of district-scale gold projects in the Abitibi gold belt near Val d'Or, Que. Its mission is to advance mining projects with a laser focus on its resource-stage Swanson gold project and the Beacon gold mill, which have significant potential to deliver long-term value. The Swanson gold project is approximately 18,304 hectares (183 square kilometres) in size, and includes several prospects rich in gold and critical metals previously held by Monarch Mining, Abcourt Mines and Globex Mining. Lafleur has recently consolidated a large land package along a major structural break that hosts the Swanson, Bartec and Jolin gold deposits and several other showings, which make up the Swanson gold project. The Swanson gold project is easily accessible by road, allowing direct access to several nearby gold mills, further enhancing its development potential. Lafleur Minerals' fully refurbished and permitted Beacon gold mill is capable of processing over 750 tonnes per day, and is being considered for processing mineralized material at Swanson and for custom milling operations for other nearby gold projects.
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