The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Executive Chairman: Terry MacGibbon
Chief Executive Officer: Catharine Farrow
Vice President, Exploration and Geoscience: Dave King
TMAC Resources Inc. is a privately held, Canadian-based mineral exploration focused solely on the exploration, development and mining of its Hope Bay gold project in the Kitikmeot region of Nunavut.
TMAC acquired the Hope Bay project from Newmont Mining Corp. in 2013.
The project blankets most of the 80-kilometer- (50 miles) long Hope Bay greenstone belt, located within the Bathurst structural block of the northeast Slave Structural Province.
Newmont Mining acquired the property in 2007 and subsequently upgraded the infrastructure including air strips, fuel storage, camps, ports, a nearly completed processing plant in South Africa and underground Doris development until placing the project in care and maintenance in 2011.
As part of its acquisition, TMAC inherited more than C$800 million worth of exploration data, development, and infrastructure from previous operators.
With extensive infrastructure already in place and permitting well advanced, the new owner of Hope Bay is working towards de-risking the project and putting it into production.
Following a $78 million private placement, the TMAC Board of Directors approved a C$61 million 2014 work program for Hope Bay that includes exploration, engineering, environmental permitting and completion of a pre-feasibility study.
On the exploration front, six rigs are expected to churn out 57,000 meters of drilling in 2014.
Much of the work will be conducted at Doris and Madrid, two of the projects most advanced deposits.
TMAC CEO Catharine Farrow said, "Intersections of high-grade gold mineralization at depth over mineable widths in the later part of the 2013 drilling program at both Doris and Madrid South confirmed the high potential for the discovery of additional mineral resources at Hope Bay." Four rigs began drilling at Madrid South in late April and two larger rigs initiated drilling on Doris targets in May. The company has also re-opened the Doris portal and ramp to facilitate future underground mapping, underground drilling and mine design.
In addition, work has begun on environmental permitting of the Madrid and Boston trends for advanced exploration, engineering and project execution planning throughout 2014.
The company plans to carry out a pre-feasibility study by early 2015.
Cash and short-term deposits: C$14.1 million (March 31, 2014)
Working capital: C$4.9 million (March 31, 2014; completed C$77.8 million private placement in May)
372 Bay Street, Suite 901
Toronto, ON M5H 2W9
Tel: 416-628-0216
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