TORONTO, Sept. 20, 2021 (GLOBE NEWSWIRE) -- EnviroGold Global Limited (“EnviroGold Global” or the “Company”) (CSE: NVRO), a Clean Technology Company accelerating the world’s transition to a circular-resource economy through the production of metals without mining, is pleased to announce the execution of binding commercial agreements adding the Buchans River Delta Reclamation Project (the “Buchans Project”) to its portfolio of Environmental Remediation and Asset Reclamation Projects.
The Buchans Project includes approximately 1,225 hectares (3,025 acres) of mining claims located in the Canadian Province of Newfoundland and Labrador. Consistent with the Company’s strategy of reclaiming valuable and strategic commodities while remediating legacy and other environmental hazards, EnviroGold Global anticipates commissioning recovery and clean-up operations in 2022.
The Buchans Tailings were produced during decades of mining operations within the Buchans Mining District, which was home to one of the world’s largest volcanogenic massive sulphide (VMS) deposits. From 1928 to 1984, American Smelting and Refining Company Inc. (ASARCO) mined approximately 16 million tonnes from five deposits with an average mill head grade of 14.51% zinc, 7.56% lead, 1.33% copper, 126 g/t silver and 1.37 g/t gold (reference: Geoscience Canada, Volume 37, Number 7, December 2010). From the start of the operation to about 1965, tailings from the operations were deposited into the Buchans River and flowed down the creek contributing to the Buchans River Delta.
EnviroGold Global will deploy proprietary modular, scalable Reclamation Technology & Systems designed to remediate the legacy tailings while removing environmental contaminants and reclaiming valuable commodities. The Company expects the Reclamation Technology & Systems to be deployed will be designed with the capacity to process up to 1,000 tonnes per day of the reclaimed tailings.
Commenting on the strategic significance of the Buchans River Delta Rehabilitation Project, EnviroGold Global’s CEO, Dr. Mark Thorpe, said “We look forward to leveraging our proprietary technology and systems, in conjunction with other proven, modern, and advanced metallurgical recovery methodologies, to the reclamation of these legacy mine tailings. The Company is enthusiastic about the potential for the Buchans Project to remediate the legacy industrial waste located in Buchans River Delta while recovering valuable commodities remaining from the previous operations, thus providing a win-win for the Company, local stakeholders, and the environment.”
EnviroGold Global will continue to provide guidance on its Project Portfolio as new projects are added. Projects under consideration include several tailings storage facilities, industrial waste, e-waste, and other environmental hazards where the Company’s internal assessments have indicated the potential for economic recoveries of valuable and strategic commodities.
Additional Information: The Buchans River Delta
Past detailed assessments by the former Newfoundland and Labrador Department of Mines and Energy have indicated the possibility of recovering metals in significant quantities from the mill tailings deposited at the mouth of Buchans Brook between the early 1930s and 1965 (reference: Collins and LeGrow, 1990; Mill Tailings Assessment, Buchans Area, Canada Newfoundland Mineral Development Agreement, Abandoned Properties Assessment Program, 012A/15/0634).
Based on EnviroGold Global’s own review of numerous assessment reports and historical mining production records obtained from the online Newfoundland and Labrador Department of Natural Resources GeoFiles collection, there are tailings in the Buchans River Delta that were previously unreported, also providing a potential upside in recoverable precious and base metals away from the mouth of Buchans Brook.
Qualified Person Statement
All scientific and technical information contained in this news release was prepared and approved by Ian Hodkinson, MAIG RPGeo, who is a Qualified Person as defined in NI 43-101.
About EnviroGold Global
EnviroGold Global is a clean technology company sustainably supplying the world’s increasing demand for precious, critical, and strategic metals by reclaiming high-value commodities from waste including legacy mine sites, industrial waste and eWaste. EnviroGold Global leverages proprietary technology, superior operationalized knowledge, and an agile, efficient culture to recover valuable metals, recharge critical resources and accelerate the world’s transition to a sustainable circular resource economy.
Further Information
Dr. Mark B. Thorpe
EnviroGold Global Limited
Telephone: +1 416 777 6720
Email: mark.thorpe@envirogoldglobal.com
Jonathan L. Robinson, CFA
Investor Relations Contact
Telephone: +1 416 669 1001
Email: JRobinson@oakhillfinancial.ca
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the expected terms of the Buchans Project and its completion, the Company’s working relationship with the owner(s) of the Buchans tailings, the economic viability of the Buchans Project and statements regarding any residual precious metals as a by-product of the remediation, the Company’s expansion of its reprocessing pipeline, and the Company’s ability to accelerate the world’s transition to a circular resource economy. Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to continue as a going concern; the continued commercial viability and growth in the clean technology and mining waste reprocessing industry; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; the continued development of clean technology and mining waste reprocessing technology; and the continued growth of the Company. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; the Company’s inability to accelerate the world’s transition to a circular resource economy, the risks associated with assessing metallurgical recovery rates from mine tailings and waste and related volumetric assessments, the risks associated with the mining and mining waste recycling industry in general; increased competition in the clean technology and waste reprocessing market; the potential unviability of the clean technology and mining waste reprocessing market; incorrect assessment of the value and potential benefits of various transactions; risks associated with potential governmental and/or regulatory action with respect to clean technology and mining waste reprocessing; risks associated with a potential collapse in the value of clean technology and waste reprocessing; and risks relating to the Company’s potential inability to expand its reprocessing pipeline.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
