Secova Metals to Begin Small Scale Production Q4 2022
One of our advertisers has an interesting business model for reprocessing tailing piles from past production mines while restoring the site to safe standards. At a profit. I always like hearing that word.
The company is named Secova Metals (SEK-C). They want to reprocess tailings from the Montauban Mine in Quebec that operated on and off from 1919 until 1990 producing gold and silver. There is an existing 43-101 resource of 750,000 tonnes of 0.86-g/t Au eq allowing for 4.4 years production to produce 50,000 ounces of gold with credits for mica and silver as well. At the end of the initial program Secova believes they can outline and mine an additional nine to twelve years of production from a historic 43-101 3.6g/t Au resource.
Secova is fully permitted for a 1,000 TPD mill. The mill building and infrastructure has been completed. Alphard Engineering from Montreal has just completed Mill engineering. Most of the mill equipment has been sourced and is being delivered to the site. Installation began in January of 2022 with planned production for fall of 2022.
Secova has been working on a PEA for the hard rock component of the plan. They expect to release it in spring of 2022. To raise money for the completion of the mill plant, the company announced a $5 million convertible debenture with a 10% coupon.
In addition, Secova has a Plan B project they call the Eagle River/Windfall Lake project located adjacent to Osisko’s Windfall Lake Project in the Urban-Berry area of Quebec.
Secova has an interesting plan that I am certain has the full approval and support of the provincial government. There are a lot of old mines in Canada that need cleaning up. If they have a business model that fits, it can be a good deal for everyone.
Secova is an advertiser. I do not own shares but I'm still biased so do your own due diligence.
Secova Metals Corp