24 February 2021
Sabina Gold & Silver Corp is pleased to announce the results of the Updated Feasibility Study for the Goose Property at its 100%-owned Back River Gold District in Nunavut, Canada.
“After significant work and several new discoveries, we are very pleased to announce the UFS for the Goose Property, the first planned mine on the Back River Gold District,” said Bruce McLeod, President & CEO, “Ongoing work over the last five years has enabled us to significantly advance the Project through many critical de-risking phases. The UFS supersedes the 2015 feasibility study and showcases a gold project with greater capital efficiency, a higher production profile and longer mine life and has also received the required environmental authorizations and social license to commence construction and operations. We have constructed and operated our logistics and supply chain, successfully delivering goods to the mine site overland, reducing a key risk to the project.
We have also continued to demonstrate the robust tenor of the mineralization at Goose by adding 1 million ounces of gold to the mineral reserves as well as significantly increase the total mineral resource estimate. With a million new inferred resources at Llama extension and Nuvuyak at a historic conversion rate of 73% to reserves, and with and all deposits open, we believe we will be mining at Goose long past the 15 year mine life in this study.
The UFS is rigorous and provides a high level of confidence in our project economics through basic and detailed engineering studies. Additionally, we have taken our own experience and that of other companies in the north and made adjustments to the Project scope and execution plan that we believe provide for greater certainty of success. We believe that the Back River Gold District will become a full scale mining camp in Canada. Next, we have already started to focus on refreshing the Project debt process with a view to obtaining financing to make a production decision this year.” he said.