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Friday, Mar 29, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Centerra Gold receives Turkish ministry nod for environmental impact assessment

Gold doré production was suspended because mercury was found in the gold room in March 2022

Centerra Gold receives Turkish ministry nod for environmental impact assessment
Image via Centerra Gold.

Centerra Gold Inc. (TSX: CG) (NYSE: CGAU) has received authorization from the Turkish Ministry of Environment, Urbanization and Climate Change for its amended Environmental Impact Assessment for the Öksüt mine in Türkiye.

The company said on Wednesday it anticipates resuming full operations at Öksüt within the next few weeks.

The EIA was necessary after gold doré bar production was suspended at the mine due to the presence of mercury in the gold room at the ADR plant in March 2022.

Centerra obtained the Environmental Impact Assessment (EIA) approval and the necessary regulatory clearances for the mercury abatement retrofit of the adsorption, desorption and recovery plant (ADR plant).

The Öksüt Mine is situated in the Kayseri province of south-central Türkiye, approximately 295 kilometres southeast of the capital city, Ankara and 48 kilometres directly south of the city of Kayseri.

During its initial year of operations in 2021, the Öksüt Mine exceeded expectations by surpassing both its gold production and cost projections. Impressively, within less than two years of operation, it generated sufficient positive cash flow to fully recoup Centerra’s investment.

Centerra is a Canadian gold mining company that operates, develops, explores, and acquires gold and copper properties across various markets worldwide, including North America and Türkiye.

The company currently oversees operations at two mines: the Mount Milligan Mine located in British Columbia, Canada, and the Öksüt Mine situated in Türkiye.

Read more: NevGold forms B.C. subsidiary to focus on Ptarmigan

Read more: NevGold intercepts quartz veining on the surface of Nutmeg Mountain

Öksüt Mine exceeded expectations in 2021

Some other companies operating in Türkiye include Eldorado Gold (TSX: ELD) (NYSE: EGO), Alamos Gold (TSX: AGI) (NYSE: AGI) and Ariana Resources (LON: AAU).

Additionally, Centerra owns the Goldfield District Project in Nevada, United States, and the Kemess Underground Project in British Columbia, Canada. Furthermore, the company operates the Molybdenum Business Unit across the United States and Canada.

Centerra Mining shares rose 10.9 per cent to $8.26 on Wednesday on the Toronto Stock Exchange.

NevGold Corp (TSXV: NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is another gold company operating out of Nevada.

Junior miner analysis firm, Caesars Report, released a report showing NevGold’s the positive results of the company’s 2022 drilling campaign at Resurrection Ridge on its Limousene Butte property.

Currently, the mineralized area at Resurrection Ridge stretches more than 700 meters in length and approximately 350 meters in width. Assuming an average mineralization thickness of 60 meters, the total volume of rock amounts to nearly 40 million tonnes. With an average grade of 0.50 g/t, this corresponds to an estimated gold content of 600,000 ounces.

NevGold shares dipped by 4.2 per cent to $0.34 on the TSX Venture Exchange on Wednesday.

 

Nevgold is a sponsor of Mugglehead news coverage

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