A big year for Harte Gold in the Sugar Zone
There’s been a lot of news recently about gold, particularly in Western Australia where the world’s alleged largest gold nugget has been found. But it’s just not Australia getting invited to the gold party.
Harte Gold Corp. (TSX: HRT) is Ontario’s newest gold producer with its 100% owned Sugar Zone Mine located in White River Ontario. Harte Gold acquires and explores for mineral resource properties in Canada with its primary focus on its 100% owned Sugar Zone property 24 km north of White River, Ontario. The Zone consists of 549 unpatented mining claims and 4 mining leases. The Company also holds interests in the Stoughton-Abitibi property located in Kirkland Lake, Ontario. Management is currently in the process of evaluating available data associated with the Stoughton-Abitibi property in order to assess the scope of a future exploration program.
The Company is having a very busy month of October. On October 3, 2018 they announced that the mill has been energized and has started processing ore from its surface stockpile, and ore sill development has resumed underground.
Stephen G. Roman, President and CEO commented: “This is a significant accomplishment and successful conclusion to an accelerated timeline that saw construction started 14 months ago and completed with no lost time accidents. The Company is very excited to announce to shareholders they can now look forward to the first gold pour within the next two weeks.”
Only 12 days later on October 15, 2018 that actual pour was announced.
Stephen G. Roman also commented: “With this achievement we have advanced from permitting the project to gold production in under four weeks, a significant accomplishment. Plant start up continues to run smoothly with no material issues reported.”
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All this has been achieved since September 20, 2018 when it was announced all necessary operating permits for production at the Sugar Zone Mine had been received from the Government of Ontario. Mining operations are currently expected to run for 12 years and will support further resource expansion drilling in the immediate vicinity of the mine and the ramp up of property-wide exploration programs.
Exploration on the Sugar Zone property includes 83,850 hectares encompassing a significant green-stone belt and 35 km strike length yet to be explored. Underground development continues advancing on average 8.2 m per day, exceeding budgeted development. Five levels have been opened at the Sugar Zone south ramp, representing approximately six months of ore, which is now ready for long-hole mining.
A Preliminary Economic Assessment (May 3, 2018) has envisaged a total upfront capital cost at C$58 million ($US45 million). With production from 2019 onward of 80,700 oz/year at an all in sustaining cost of $708/oz over a 12 year mine life. This would see 904,000 oz of total recovered gold production over the life of the mine.
A commercial production report is expected by Q4 2018 to be followed up by a resource update in the first quarter of 2019.
Harte Gold has proven they can get things moving, as they have already gone from permit to pour within weeks. The Sugar Zone seems like a sweet investment if you are looking for a gold project in a high grade low cost producing mine.
Matthew Bohlsen holds a Graduate Diploma in Applied Finance and Investment (similar to CFA), and a Graduate Diploma in Financial Planning. He has 30 years ... <Read more about Matthew Bohlsen>