In this insightful interview, Danny Roberts discusses the latest developments at Abcourt Mining, including the success of their Sleeping Giant project and future production goals. He shares insights into their recent gold pours, exploration efforts, and plans for becoming self-sustaining within the next year.
Can you give us an update on the Sleeping Giant project?
Well, not only did we pour the first small one, but we had one about three weeks ago that was about a million dollars worth of gold. It was more than 500 ounces total, a mix between gold and silver.
We are very excited about the progress. The milling circuit is running smoothly, and we are seeing the results of our hard work. The team has done an incredible job ramping up production.
What was the significance of the first gold bar pour?
The first gold bar pour was a monumental milestone for us. It marked the transition from development to production. This achievement validated our efforts and confirmed the potential of the Sleeping Giant project.
Pouring that first gold bar was not just about the financial gain. It was also about proving our capabilities and setting the stage for future success. We are now more confident than ever in our ability to reach our production goals.
How do you plan to ramp up production at the Sleeping Giant?
We started small and everything seems to be working smoothly. The first bars were thicker because we had some cleaning to do and material from other mines. Now, we’re producing solely from the Sleeping Giant mine, although at a slower rate than the stockpile we had.
Initially, we plan to produce a smaller amount of gold, aiming for 100 to 150 ounces next month. After that, we hope to move up to 180 to 200 ounces the following month.
As we get more comfortable with the process, we will continue increasing production. Our goal is to steadily ramp up the volume of gold we produce each month.
What new discoveries have been made at the FL project?
We recently announced a significant discovery at the FL project, which is only 75 km away from our Actal Mill. The results are promising, with findings showing 16 grams per ton of gold at a thickness of 4 meters.
This discovery has the potential for an open pit, which could significantly increase our production capabilities. We are excited about the possibilities and are actively exploring this area further.
What are your plans for expanding the Sleeping Giant project?
Our current plans for the Sleeping Giant project involve expanding deeper into the mine. We’re currently at level four of the pit, but we aim to reach level 22. To achieve this, we estimate needing around $20 million in funding.
The full Preliminary Economic Assessment (PA) initially covered the first 12 levels of the mine, with an estimated cost of $45 million. However, since completing the PA about a year ago, we’ve conducted additional drilling and raised some capital. Recently, we closed a financing round of $4.6 million.
Through engineering optimizations, we’ve managed to reduce the required capital expenditure. Now, we estimate needing about $25 million to reach the 12th level. To fund this, we plan to use proceeds from our ongoing gold mining activities, supplemented with small equity raises or loans.
What is the purpose of attending the Mining Journal Select event?
Attending the Mining Journal Select event serves multiple purposes for us. Primarily, it’s an opportunity to meet with potential investors and generate interest in our project. We’re looking for financing options and want to spread the word about our progress and future plans.
We aim to attract retail market investors who can help sustain our stock price. Additionally, we’re seeking debt holders who could lend us the necessary funds to continue our expansion efforts. This event is an excellent platform to connect with these stakeholders and showcase our achievements.
What are your goals for the next six months?
In the next six months, our primary focus is to ramp up production at the Sleeping Giant mine. We plan to bring in more miners to increase the amount of ore we extract from the ground.
We are also planning a trenching campaign at the FL site. This will involve additional drilling to further develop the FL property and bring another project in line for production.
What production numbers are you aiming for in the coming months?
Currently, we are producing between 100 and 150 ounces of gold per month. However, our goal is to significantly increase this output.
We aim to produce between 10,000 and 15,000 ounces of gold by June 2025. In the longer term, we are targeting an annual production rate of 30,000 ounces within the next 18 to 24 months.
When do you expect to become self-sustaining?
We anticipate becoming self-sustaining within 8 to 10 months. By then, we expect to break even with the quantity of gold we are pouring. Once we start breaking even, we’ll continue development with the money we make through gold sales.
What are the current funding strategies for operations?
In the next 8 to 10 months, we will need to find additional funding to support our operations. Our strategy includes seeking both debt and equity financing. This will ensure we have the necessary capital to continue our expansion efforts and ramp up production.
How can interested investors reach out to Abcourt Mining?
If anyone is interested in Abcourt Mining, you can reach out directly to Danny Roberts. The contact email for investor relations is ir@abc.com. We encourage potential investors to get in touch to learn more about our projects and opportunities.
FAQ: What is the expected timeline for the Sleeping Giant project?
The Sleeping Giant project is progressing well, and we have a clear timeline in place. We expect to become self-sustaining within 8 to 10 months. During this period, our primary focus will be ramping up production and optimizing our operations.
Once we start breaking even with the gold we are pouring, we’ll continue development using the revenue generated from gold sales. Our goal is to steadily increase production and reach our target of 30,000 ounces annually within the next 18 to 24 months.
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