Make Kitco Your Homepage

Yamana Gold completes the acquisition of the Wasamac site

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Yamana Gold (YRI:TSX & AUY:LSE) has announced the successful completion of its acquisition of the Wasamac property and the Camflo property and mill from Monarch Gold Corporation.

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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.