Newlox Gold Samples 77.1 g/t Gold at Historic Boston Mine, Costa Rica
Vancouver, BC, 29 September 2021 – Newlox Gold Ventures Corp. (“Newlox” or the “Company”) (CSE: LUX | Frankfurt/Stuttgart: NGO | PINK: NWLXF) is pleased to announce grab sample results as high as 77.1 grams per tonne gold from the most accessible portions of the historic Boston Mine in Costa Rica. The Boston Mine is currently being exploited by Newlox Gold’s local mining partners with whom Newlox has partnered to supply primary feedstock to the Company’s Boston Processing Plant, which is now at an advanced stage of construction.
● Grab samples were taken by the Company’s geological team from vein structures identified
by the Company’s local mining partners at the Boston Mine.
● Four grab samples from prominent veins in easily accessible areas of the Boston Mine were assayed using the Fire Assay method, returning 46.57 g/t Au, 67.80 g/t Au, 73.28 g/t Au, and 77.10 g/t Au respectively.
● These results affirm historical data indicating the presence of high-grade gold associated with epithermal quartz vein systems at the Boson Mine, however the reader is cautioned that such grab samples are not necessarily indicative of the mineralization in general for the deposit
● A National Instrument 43-101 report by Veritas Mining C.R. S.A. in 2011 on the Boston Project and surrounding Juntas Gold Camp published a historical resource of 241,000 tonnes containing 20,800 oz of gold and an exploration potential of between 685,000 and 981,000 ounces. A substantial portion of the exploration potential was ascribed to the Boston Project area.
The Company has under construction its second environmentally and socially positive precious metals recovery plant at the Boston Project, which is intended to process feedstock newly extracted by the Company’s local mining partners. In anticipation of the commissioning of the Boston Processing Plant, the Company’s mining partners are reconditioning the Boston Mine adits (tunnels) and identifying veins of interest for sampling and future mining.
At the Boston mine, historical records and recent local mining indicate four mining levels, targeting a system of steeply dipping northeast-trending veins up to 5 meters thick, with grades up to 77.1 grams per tonne, that are readily accessible for immediate exploitation. As with other concessions in this area, bonanza-type shoots with higher grades may be anticipated.
Newlox plans to operate the 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 Company expects the Boston Project to contribute significantly to Newlox’s near-term growth.
A Message from Ryan Jackson, President & CEO:
“These first outstanding high-grade gold results from grab sampling at the historic Boston Mine support both historical exploration results and confirm mining reports provided by the Company’s local mining partners.
We are encouraged that the easily accessible vein structures within the Boston Mine, which are currently slated for immediate exploitation by the local miners, have returned gold grades in excess of 70 grams per tonne. Although the grab sample results do not necessarily indicate the mineralization in general for the deposit, the findings support historical and current data on the Boston Mine.
Positive sampling results from the Boston Mine are especially timely since construction at the Boston Plant is nearing completion. Like many of the Company’s initiatives in 2021, construction at Boston is behind schedule but is progressing nicely.
This year, we have been frustrated by significant delays due to the pandemic and the associated global supply chain disruptions. The Company has had key members of its management and engineering team affected directly by the COVID-19 virus. Additionally, equipment and consumables were delivered over three months later than expected.
These challenges have led the Company to lose time but not resolve.”
Newlox Gold enjoys 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 new activities in Brazil.
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward-looking information. Forward-looking information includes, but is not limited to, the completion of the work programs currently underway and the results of these programs. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, achievements, or performance may vary materially from those anticipated and indicated by these forward-looking statements. The material risk factors that could cause actual results to differ include the risk that work undertaken by the Company may have unintended effects, the risk of delays in completing work, and the risk that the Company may not be able to raise sufficient funds and Force Majeure. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, it can give no assurances that the expectations of any forward-looking information will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release).
On Behalf of the Board, Newlox Gold Ventures Corp.
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