Yamana Gold completes the acquisition of the Wasamac site
The report says "the addition of the Wasamac project to Yamana's portfolio further solidifies the Company's long-term growth profile with a top-tier gold project in Quebec's Abitibi region, a prolific mining district where Yamana has deep operational and technical expertise and experience.".
The Wasamac project is located 15 kilometres west of Rouyn-Noranda in the Abitibi region of Quebec. There are also great transport links as the Trans-Canada highway and Ontario Northland rail line, and 100 kilometres from the Company's 50%-owned Canadian Malartic mine.
The geological characteristics of the Wasamac ore body forecasts that it holds the potential to be an underground mine with the potential to achieve the same scale, grade, production, and costs as Yamana's successful Jacobina mine in Brazil, and it possesses many parallels to the underground project at Canadian Malartic.
The project has existing proven and probable mineral reserves of 1.8 million ounces of gold at 2.56 grams per tonne. Mineral resources and proven and probable mineral reserves are supported by a Feasibility Study previously completed by Monarch in 2018, and Yamana completed independent geological modelling, mineral resources and mineral reserves validations, among other extensive work, as part of its due diligence reviews to ensure greater levels of accuracy. There remains excellent potential for significant future exploration success and mineral resource conversion, with the deposit remaining open at depth and along strike.