The Pleiades property belonged to Pleiades Mineral Exploration and abuts 1911 Gold’s Moore Lake (Angelina) property. 1911 Gold will issue 15,000 common shares and make a cash payment of C$10,000 to Pleiades, which will retain a 1% net smelter return royalty. 1911 Gold may buy back half the NSR royalty at any time for C$100,000.
The True North complex includes an underground mine (currently suspended), 1,300-tonne/day mill, tailings management facility, and a reprocessing facility. The historical mine produced more than 2 million oz. of gold over a span of intermittent operation. The longest period of production was from 1932 to 1968.
Underground resources for the True North deposit include 2 million measured and indicated tonnes grading 0.22 g/t gold and 6.1 g/t silver, for 433,000 oz. of gold, and 3.6 million inferred tonnes at 0.17 g/t gold and 4.8 g/t silver, for 605,000 oz. of gold.
True North also has exploration projects near Snow Lake, Manitoba, and Timmins, Ontario.
(This article first appeared in the Canadian Mining Journal)