Highly Strategic Gold Project
The Goldenville Project is being operated by Signal Gold (formerly Anaconda Mining (ANX:TSX)) pursuant to an agreement allowing Signal Gold (formerly Anaconda) to explore and develop this project. The project is immediately north of Signal Gold’s (formerly Anaconda’s) property encompassing the Pine Cove Gold Mine in operation since 2011 and containing 2 gold deposits, the Pine Cove and the Stog’er Tight Deposits, representing a total gold resource of approx. 200,000 ounces. The Goldenville Project covers several kilometres of favorable iron formation host to the historical Goldenville Mine, a small gold producer in the early 1900’s which up to the 1980’s was 1 of 2 gold only mines that operated in Newfoundland. Signal Gold (formerly Anaconda) has completed initial drill testing of the Goldenville target zone and reports intercepts of gold mineralization along the extent of the banded iron formation which has been traced by surface sampling yielding up to 15.9 g/t (0.51 oz/t) gold.
The Goldenville Project is one of several gold properties which Anaconda have acquired in the area and includes the Stog’er Tight Deposit now being mined. These properties are being acquired by Anaconda to provide other gold resources for processing at their Pine Cove milling complex and replacing the Pine Cove Deposit which in early 2018 was exhausted.
Fair Haven Resources Inc. retains a Net Smelter Royalty interest against any future production from the Goldenville Project. This project based on the historical gold production from the former Goldenville Mine and new gold discoveries such as the Argyle Gold Deposit demonstrates the potential for a gold resource on the Goldenville Project. The Argyle Deposit recently discovered by Anaconda Mining south of the Goldenville is reported by Anaconda to contain a resource estimate of approximately 68,600 gold ozs effective December 31, 2017. This new gold deposit approximately 1250 metres south of the Goldenville Project is evidence of the potential for discovering new gold deposits in this region.
Our neighbors Signal Gold (formerly Anaconda) Mining’s Pine Cove Gold Mine
The Pine Cove Gold Mine and Mill Complex is situated immediately south of the Goldenville Project and consists of 2 gold deposits. The Pine Cove Deposit which from 2011 to early 2018 produced approximately 140,000 ozs of gold was recently mined out and the Stog’er Tight Deposit now in production is reported by Anaconda to contain 456,000 tonnes grading 3.40 g/t for a total 50,000 ozs of gold.
The Pine Cove Mill Complex consists of a modern 1280 tonnes per day grinding and floatation mill with concentrate leaching, crusher and conveyors and all necessary infrastructure support together with other ancillary structures and roads. The mill complex is a modern, highly efficient milling facility which is the hub of Signal Gold’s (formerly Anaconda’s) mining activities in the region and is an integral part of their overall resource development and mine production strategies. Signal Gold (formerly Anaconda) is focused on building gold resources for feed to the mill complex and have assembled a large land package in the area referred to as their Point Rousse Project of which the Goldenville Project acquired in 2012 formed an initial building block.
Rich Proven History of Mining since the 1800’s
Fair Haven’s Projects are situated on the Baie Verte Peninsula one of the earliest mining districts in Newfoundland and Eastern North America dating back to the mid 1800’s and the discovery of the Tilt Cove and Terra Nova Copper Deposits in 1857. Commencing with these discoveries the rich mineral resources has maintained the Baie Verte Peninsula as a centre of mining with global significance.
The highly favorable geological setting of volcanic and igneous rocks is host to numerous mineral occurrences of a wide range of commodities including precious metals (gold, silver), base metals (copper, zinc, lead), magmatic sulphides (nickel) and industrial metals (asbestos).
Since mining commenced in the 1850’s the mineral deposits have resulted in a history of continuous mining with 11 past and 2 current operating mines mainly producing copper and gold rich ores. Fair Haven’s Rambler and Goldenville Projects are at the centre of the current mining at the Pine Cove Gold Mine and the Rambler Copper – Gold Ming Mine, both of these mines having common boundaries with both of Fair Haven’s Projects. The Pine Cove Mine is the only gold producing mine in the province and the Ming Mine is one of 5 deposits making up the Rambler Mining Camp which is one of Eastern Canada’s longest active mining camps dating back to the start of production in 1964.
The Tilt Cove Project is situated at the historic Tilt Cove Deposits which were mined intermittently from 1864 to 1967 and recognized as a world-class deposit and an example of copper rich deposits classified as Cyprus Type Deposit. The mines produced very rich copper ores grading up to 12% copper and containing significant by-product gold & nickel. Mining ceased in 1967 due to a cave-in at the West Mine Deposit, the severity of which resulted in the cessation of mining, and since then there has been no effort to resume mining this deposit which also produced 42,425 ounces of gold. Historical records show the deposit extends onto Fair Haven’s Tilt Cove Project which also covers the extension of the Nugget Pond Gold Horizon host to the nearby Nugget Pond Gold Mine which from 1997 to 2000 produced 168,748 ozs of gold at a grade of 10.76 g/t.
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