Atlantic Gold Corp. grew depleted reserves by 27% or 401,000 ounces and updated its life of mine plan for the Moose River Consolidated gold mine, adding mine life but also delaying some gold production growth.
In the March 25 update, the company said proven and probable reserves total 51.95 million tonnes grading 1.12 g/t gold for 1.88 million ounces of contained gold.
Atlantic Gold said that mine life at Moose River, where expansion plans are still subject to permitting, had increased to over a decade to 2030 from 2027 as outlined in a previous plan.
Meanwhile, the company pushed back production growth earlier in the mining schedule that had been slated for 2021 out to 2022. It had previously planned to boost forecast production from 94,000 ounces gold in 2020 to 171,000 ounces gold in 2021.
Under the new plan, similar production growth comes a year later. Atlantic Gold plans for production to grow from 91,000 ounces gold in 2021 to 174,000 in 2022, with further increases thereafter.
It was not immediately clear why Atlantic Gold had shifted the earlier production growth. A company spokesperson could not be reached March 26 for comment.
A key part of the gold miner's expansion plans comprises the Beaver Dam, Fifteen Mile Stream and Cochrane Hill deposits, where permitting is in the works.
In year-end filings, Atlantic Gold said it may receive permits for Beaver Dam this year and that it will file environmental impact studies for the Fifteen Mile Stream and Cochrane Hill projects in the second and third quarters, respectively.