24 October 2019
TMAC Resources Inc. is pleased to announce 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.
Jason Neal, President and Chief Executive Officer of TMAC, stated, “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 2.17 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/t Au over 65.7 metres, including 14.4 g/t Au over 26.1 metres and 12.9 g/t Au over 50.0 metres, 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.”