(Kitco News) - Yesterday, Marathon Gold (TSX: MOZ) announced that a positive decision statement in the federal environmental assessment for the Valentine gold project has been issued by the Honourable Steven Guilbeault, Minister of Environment and Climate Change Canada.
The company said that the Valentine gold project has now been fully released from environmental assessment in both the province of Newfoundland and Labrador and federally, allowing development to proceed based on applicable permitting.
"The completion of environmental assessment for an important new mine like Valentine is a significant milestone, and we now look forward to advancing the project towards construction and mining," it added.
Marathon has previously reported the issuance of the project's mining and surface leases by the Newfoundland and Labrador Department of Industry, Energy and Technology.
Importantly, the company noted that permitting is ongoing for initial construction activities such as tree clearing, quarrying, earthworks, accommodation camp installation, road upgrades and culvert installations.
According to a press-release, the completion of the federal environmental assessment now allows permits to be acquired for on-site activities pertaining to federal jurisdiction.
The company also said that the decision statement includes certain conditions with which Marathon must comply during the conduct of the project, including, among others, implementation of certain monitoring and mitigation programs, as well as ongoing engagement with Indigenous groups, stakeholders and relevant authorities on its management plans for social and environmental protection.
Marathon 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.
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. The project has estimated proven mineral reserves of 1.40 Moz (29.68 Mt at 1.46 g/t) and probable mineral reserves of 0.65 Moz (17.38 Mt at 1.17 g/t).
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