Moose River Gold Mines gives Nova Scotia another gold rush

Nova Scotia is experiencing a modern-day gold rush following a resurgence in gold-mining activity in the Moose River Gold Mines region.

According to a story published by CTV News on June 18, Nova Scotia’s 21st-century gold industry “differs from the era of underground shafts at Moose River Gold Mines, the site of a world-famous 1936 cave-in that trapped three men and led to the live broadcast of a dramatic rescue that was heard across the continent. Geologists are now seeking tiny flecks of the precious mental in the folds of ordinary, “host” rock that held the quartz, rather than exclusively in the quartz veins that characterize underground gold mines.”

According to the story, Atlantic Gold Corp. expects its Moose River Consolidated Project to extract 87,000 ounces of gold from its Touquoy mine once the project begins this September.

“At today’s gold price, based on our projected all-in sustaining cash costs of $690 Cdn. an ounce,  we’re going to produce a margin of about $1,000 an ounce,” said Steven Dean, chairman, CEO and director of Atlantic Gold Corp., during a presentation at the May 5-6 Metals Investor Forum. “At our base case start-up production level, that’s about $90 million Cdn. a year. Our market value today is $250 million thereabout, so we’re less than three times our base case operation cash flow.”

Another company, Anaconda Mining, which is based in Newfoundland, also acquired a gold mine in Goldboro, N.S., 185 kilometres northeast of Halifax.

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