Nuvau Minerals (TSXV:NMC) is done successfully acquisition closed Glencore (LSE:GLEN,OTCPL:GLCNF) is now preparing to restart production of its key Matagami asset. President and CEO Peter Van Alphen said the company will focus on mitigating risks and ongoing technical work to update the preliminary economic assessment (PEA) to include the past-producing Bracemack-McLeod mine.
The Matagami Mining Camp is a 1,379 square kilometer exploration and mining property. It is considered one of the largest, most strategically located and prolific geologic environments for critical and precious metals in Quebec, Canada.
“The interesting thing with that property is that we’re sitting with a huge land package between two major formations in the northern part of Abitibi, about 1,400 square kilometres, and it’s never really been actively explored for gold,” Alphen shared, noting that the company has already made two gold discoveries.
In terms of financing, the company used the first tranche of C$14 million for the transaction with Glencore and technical work, while the second tranche has been used for both base metals and gold exploration. The company also retained its 24-month right to acquire the mill at Matagami for C$5 million.
With approximately 10.5 million metric tons of defined resources and more expected, Alphen believes there is no need to justify the company’s C$400 million capital spend to production, creating a clear path to restart operations.
Watch the full interview with Peter Van Alphen, President and CEO of Nuvau Minerals, above.
