Newlox Gold's Partners Begin Mining the Historic Boston Mine, Costa Rica
(TheNewswire)
Vancouver, BC - TheNewsiwre - 26 October 2021 - Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CNSX:LUX.CN) (Frankfurt/Stuttgart:NGO) (OTC:NWLXF) is pleased to announce that its local mining partners have commenced operations at the historic Boston Mine. The miners have started actively mining at Boston to establish a stockpile of freshly sourced material in anticipation of the completion of Newlox Gold’s Boston Processing Plant.
The recovery plant at the Boston Project is the Company’s second environmentally and socially positive precious metals recovery plant. It will process feedstock newly extracted from the Boston Mine by the Company’s local mining partners. Newlox will operate the new mill at Boston capable of processing 150 tonnes per day of material grading +- 15 grams per tonne gold with an anticipated gold recovery of 90%. All feedstock is to be provided by Newlox’s mining partners, with profits to be split evenly between the parties.
The joint project benefits both parties, as Newlox will outsource all mining to its local partners while providing them with modern, environmentally sustainable, and effective mercury-free mineral processing. The Boston project is fully permitted under existing mining codes, inclusive of the use of necessary chemicals utilized in the gold and silver recovery process, while eliminating the use of mercury.
While construction at Boston was delayed in 2021 due to the pandemic and the associated global supply chain disruptions, excellent progress is now being made, with the operations team expected to complete construction, testing, and commissioning before the end of the year.
Throughout the summer of 2021, the Company’s local mining partners have refurbished the Boston Mine. The Company has assisted the rehabilitation effort by making available its in-house laboratory to test samples taken in collaboration with the miners from the Boston Mine as they evaluate areas for initial exploitation. Grab samples collected recently as part of the rehabilitation effort returned results as high as 77.1 grams per tonne gold.
Availability of Newlox Gold’s in-house analytical laboratory has assisted the local miners to confirm the location of high-grade mineralization in the historic Boston Mine and has assisted them to mine and establish a stockpile of quality mill feed for the new processing plant.
A Message from Ryan Jackson, President & CEO:
“We are delighted to announce that the Company’s mining partners at the Boston Project have completed the refurbishment of the first level at the Mine and are now actively producing feedstock for our joint project. Access to Newlox’s in-house lab has provided the Company’s partners with high-quality data to support their mining plan and will enhance their demonstrated ability to identify and mine quality feedstock.
With advancing construction at the Boston Processing Plant, we look forward to testing and optimization with an established stockpile of quality mill feedstock, which will precede full scale operation next year.
The ‘Coexistence Model of Artisanal Mining’ promoted by Dr. Marcello Veiga to the United Nations PlanetGOLD Initiative as a sustainable solution to the issue of artisanal mining, is superbly illustrated by Newlox’s providing a modern and environmentally friendly processing option to local miners at the Boston Mine.
Precious metals are an integral part of heritage and traditions around the world and persist today to be mined for both economic and cultural reasons. Now, impressively for this area, for the first time since the ancient introduction of the mercury amalgamation process, artisanal gold and silver will be recovered without the use of mercury and its associated environmental damage.
We are proud to be working partners with the local miners at Boston with whom management has established a strong bond. The Project will contribute substantially to the Company’s near-term growth while both supporting the local economy’s sustainable development goals and solving a decades-old environmental and social dilemma for the benefit of all stakeholders.”
Outlook
Newlox Gold has both a robust treasury, and an experienced technical team which has implemented numerous strategies to overcome supply chain challenges at operations. Our team is completing the ramp-up of Project 1 (our operational tailings remediation project), which is already cash-flow positive and improving each month. The team will complete the construction and commissioning of the Boston Project and will then be positioned to support both our regional growth strategy in Central America, and our recently announced planned expansion in Brazil.
Forward-Looking Information
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
Technical Disclaimer
The Company advises it is not basing any decision to produce on a feasibility study of reserves demonstrating the economic and technical viability of the project and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision. Grab sample results included in this press release are not necessarily indicative of the mineralization in general for the deposit. Stewart A. Jackson, Ph.D., P.Geo., a “Qualified Person” within the meaning of National Instrument 43-101, has prepared, supervised the preparation of, and approved the contents of this News Release.
On Behalf of the Board, Newlox Gold Ventures Corp.
Contact Newlox Gold
Ryan Jackson
Newlox Gold Ventures Corp., President
Website: www.newloxgold.com
Email: ryan@newloxgold.com
Phone: + 1 604 256 0493
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