(Kitco News) - Marathon Gold (TSX: MOZ) announced Monday that it has received Mining Leases for the Valentine Gold Project in central Newfoundland, issued by the Newfoundland and Labrador ("NL") Department of Industry, Energy and Technology.
The company said that mining leases cover the development of the Marathon and Leprechaun Deposits and have a term of 20 years.
"Receipt of the Mining Leases is a key milestone in the permitting of mining operations at the Project. It follows the completion of the provincial Environmental Assessment process in March of this year and the approval of the Project to proceed to development by the NL Cabinet," the company noted in its press-release.
Importantly, the company added that a federal Environmental Assessment for the Project remains ongoing and is approaching completion.
Marathon Gold is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Project comprises a series of five mineralized deposits along a 20-kilometre system.
The company said that an April 2021 Feasibility Study outlined an open pit mining and conventional milling operation over a thirteen-year mine life with a 31.5% after-tax rate of return.
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