Company: Newlox Gold Ventures Corp
Listings : Canadian Securities Exchange, Frankfurt
Tickers: LUX , NGO
Market cap at time of publication: $ 37,5 MCAD
Stock price at time of publication: $0.29 CAD
Number of shares fully diluted 190,390,637
Business: Environmentally friendly and socially responsible gold mining
Market Size: US$180bn
Website: https://newloxgold.com/
ESGFIRE comments: We are pleased to see in todays (26/10 2021) press release that Newlox is now commencing its mining operations on their second mine at the Boston project.The company has released a video in conjunction with this press release which can be viewed HERE. Newlox Gold’s stock has been under alot of pressure lately due to delays but the latest news is certainly welcomed news that shows that the company is progressing in the right direction.
Vancouver, BC, 26 October 2021 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”)
(CSE: LUX | Frankfurt/Stuttgart: NGO | PINK: NWLXF) is pleased to announce that its local mining
partners have commenced operations at the historic Boston Mine. The miners have started actively
mining at Boston to establish a stockpile of freshly sourced material in anticipation of the completion
of Newlox Gold’s Boston Processing Plant.
The recovery plant at the Boston Project is the Company’s second environmentally and socially
positive precious metals recovery plant. It will process feedstock newly extracted from the Boston
Mine by the Company’s local mining partners. Newlox will operate the new mill at Boston capable
of processing 150 tonnes per day of material grading +- 15 grams per tonne gold with an anticipated
gold recovery of 90%. All feedstock is to be provided by Newlox’s mining partners, with profits to
be split evenly between the parties.
The joint project benefits both parties, as Newlox will outsource all mining to its local partners while
providing them with modern, environmentally sustainable, and effective mercury-free mineral
processing. The Boston project is fully permitted under existing mining codes, inclusive of the use of
necessary chemicals utilized in the gold and silver recovery process, while eliminating the use of
mercury.
While construction at Boston was delayed in 2021 due to the pandemic and the associated global
supply chain disruptions, excellent progress is now being made, with the operations team expected to
complete construction, testing, and commissioning before the end of the year.
Throughout the summer of 2021, the Company’s local mining partners have refurbished the Boston
Mine. The Company has assisted the rehabilitation effort by making available its in-house laboratory
to test samples taken in collaboration with the miners from the Boston Mine as they evaluate areas
for initial exploitation. Grab samples collected recently as part of the rehabilitation effort returned
results as high as 77.1 grams per tonne gold.
Availability of Newlox Gold’s in-house analytical laboratory has assisted the local miners to confirm
the location of high-grade mineralization in the historic Boston Mine and has assisted them to mine
and establish a stockpile of quality mill feed for the new processing plant.
A Message from Ryan Jackson, President & CEO:
“We are delighted to announce that the Company’s mining partners at the Boston Project have
completed the refurbishment of the first level at the Mine and are now actively producing feedstock
for our joint project. Access to Newlox’s in-house lab has provided the Company’s partners with
high-quality data to support their mining plan and will enhance their demonstrated ability to identify
and mine quality feedstock.
With advancing construction at the Boston Processing Plant, we look forward to testing and
optimization with an established stockpile of quality mill feedstock, which will precede full scale
operation next year.
The ‘Coexistence Model of Artisanal Mining’ promoted by Dr. Marcello Veiga to the United Nations
PlanetGOLD Initiative as a sustainable solution to the issue of artisanal mining, is superbly
illustrated by Newlox’s providing a modern and environmentally friendly processing option to local
miners at the Boston Mine.
Precious metals are an integral part of heritage and traditions around the world and persist today to be
mined for both economic and cultural reasons. Now, impressively for this area, for the first time
since the ancient introduction of the mercury amalgamation process, artisanal gold and silver will be
recovered without the use of mercury and its associated environmental damage.
We are proud to be working partners with the local miners at Boston with whom management has
established a strong bond. The Project will contribute substantially to the Company’s near-term
growth while both supporting the local economy’s sustainable development goals and solving a
decades-old environmental and social dilemma for the benefit of all stakeholders.”
Outlook
Newlox Gold has both a robust treasury, and an experienced technical team which has implemented
numerous strategies to overcome supply chain challenges at operations. Our team is completing the
ramp-up of Project 1 (our operational tailings remediation project), which is already cash-flow
positive and improving each month. The team will complete the construction and commissioning of
the Boston Project and will then be positioned to support both our regional growth strategy in Central
America, and our recently announced planned expansion in Brazil.
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