Canadian gold company Argonaut Gold announced that the province of Ontario has filed the Closure Plan for the Magino project – a strategic, scalable, long-life asset in the attractive mining jurisdiction of Ontario, Canada.
A feasibility study on the project, located 40 kilometres northeast of Wawa, Ontario, outlined a 10,000 tonne per day processing facility with average annual gold production of 150,000 ounces over the first five years. The study envisions a 17-year mine life for the project.
Argonaut said site preparation, such as tree removal and clearing, is expecting to commence imminently, with construction scheduled to begin as soon as site preparation is complete.
The company envisions a two-year construction period with first gold production at Magino during the first half of 2023.
Argonaut President and CEO Pete Dougherty described the filing of the Closure Plan as ‘a significant milestone’ that allows the company to begin site preparation activities for construction of the Magino mine and processing facility.
“Magino is truly a valuable and strategic asset given existing infrastructure, the already-known mineral endowment of the ore body and the existing exploration potential, its location within the mining-friendly jurisdiction of Ontario, Canada and its proximity to other strong cash flowing operations such as the Island Gold mine,” Mr Dougherty continued.
“By moving Magino forward, we are executing on our vision to transform Argonaut from a junior, relatively high-cost producer with short mine lives to an intermediate, lower-cost producer with long mine lives.”