Issue link: http://resourceworld.uberflip.com/i/990287
J U N E / J U L Y 2 0 1 8 www.resourceworld.com 35 merged with Agrium Inc., ceased opera- tions at its Picadilly and Penobsquis mines near Sussex, New Brunswick. In neighbouring Nova Scotia, mines and quarries employ over 5,500 workers and contribute some $420 million annually to the economy. Coal used to be king but now gold is the favoured metal. Atlantic Gold Corp. declared commercial production effective March 1st 2018. Newfoundland and Labrador is a unique jurisdiction with much exploration taking place on the island of Newfoundland as well as on the mainland of Labrador. There are 10 mines in production and over 40 exploration projects, according to the pro - vincial government. Activity ramped up in 2017 with exploration spending about $34.2 million, marking a turnaround from a decline that began in 2013. Claim stak - ing increased in late 2016 and continued through 2017 making the outlook for the rest of 2018 more favorable than in recent years. Exploration in Labrador remains low compared to historic levels with weak iron ore prices; however, some miners are forging ahead such as Champion Iron Ltd. which is shipping its first iron ore con - centrate mined in the Labrador Trough just across the border at the Bloom Lake Mine near Fermont, Québec. Meanwhile, the Iron Ore Company of Canada, a major producer, that is experiencing a strike, continues to ship iron ore pellets from its mine, concentrator and a pelletizing plant in Labrador City, NL to its port facilities at Sept-Îles, Québec. It also operates a 418- km railroad that links the mine to the port. Rio Tinto PLC [RIO-NYSE] is the major shareholder. Below are project summaries. Atlantic Gold Corp. [AGB-TSXV; SPVEF-OTC] has reported gold produc - tion and gold revenue results for the first quarter of 2018. The company declared commercial production effective March 1, 2018 as a result of a successful ramp-up of mine and milling facilities at its Moose River Consolidated Mine, near Halifax, Nova Scotia, comprising the Touquoy and Beaver Dam gold deposits. Gold ounces sold in the quarter were 17,187 ounces at an average sale price of $1,619 per ounce for total revenue of $27.8-million. During Q1 2018, a total of 419,150 tonnes were milled. Phase 1, life-of-mine production guid - ance for 2018 is between 82,000-90,000 oz. gold at All-In-Sustaining-Costs (AISC) between CDN $675/oz.-$735/oz. (US $540-588/oz.) The Phase 2 life-of-mine Expansion will have gold production ramp- ing up to + 200,000 ounces per annum while maintaining the company's industry lowest quartile cash costs at all-in sustain- ing cash cost (AISC) of CDN $692/oz. gold (US $555/oz. gold). Atlantic Gold has also reported final assay results received from the Phase 3 resource expansion drilling program at the Cochrane Hill gold deposit. The pro- gram's goal was to identify additional gold resources immediately peripheral to those resources previously defined and to upgrade inferred resources to measured and indicated categories. The Cochrane Hill Gold deposit is located approximately 80 km northeast of the central processing facility at Touquoy. Cochrane Hill's current measured and indicated mineral resources stand at 10.66 million tonnes at 1.16 g/t gold for 398,000 oz. at a 0.35 g/t cut-off grade. Inferred mineral resources are 1.63 million tonnes at 1.32 g/t gold for 69,000 oz. at a 0.35 g/t cut-off grade. Avalon Advanced Material Inc. [AVL-TSX; AVLNF-OTCQX; OU5-FSE] is currently focused on its Separations Rapids lithium project near Kenora, northwestern Ontario; however, it still holds the 100%- owned, road-accessible East Kemptville tin-indium project about 45 km northeast of Yarmouth, Nova Scotia in the vicinity of the former East Kemptville tin mine. Estimated indicated resources are 18.47 million tonnes averaging 0.176% tin, 0.173% zinc and 0.064% copper with inferred resources pegged at 16.95 million tonnes averaging 0.148% tin, 0.122% zinc and 0.062% copper at a 0.10% tin cut-off. Avalon's plans include an innovative redevelopment model that removes exist - MARITIMES FAR LEFT: Marathon Gold's Valentine Lake Project exploration camp, 55 km south of Buchans, west-central Newfoundland. Photos courtesy Marathon Gold Corp. LEFT: Marathon Gold's exploration team discusses gold mineralization at Valentine Lake. Left to right, Sherry Dunsworth, Sr. VP of Exploration of Marathon Gold, Janice Stairs, Marathon Gold Director, and Phillip Walford, President and CEO of Marathon Gold.