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lexam vg gold inc (LEX) Details

Lexam VG Gold Inc. is engaged in the exploration and development of mineral properties, primarily gold properties in northern Ontario, Canada. The company’s principal projects comprise the Buffalo Ankerite property that consists of 49 patented claims located to the southeast of Timmins in northeastern Ontario; and the Fuller property, which comprises 13 patented mining claims covering an area of approximately 210.2 hectares in Tisdale Township. Its principal projects also include the Davidson Tisdale property, which consists of 10 patented claims covering an area of 513 acres in the north eastern quadrant of Tisdale Township, Timmins; and the Paymaster Property that includes 15 patented mining claims, which covers an area of 179.2 hectares in Tisdale Township, Ontario. The company is headquartered in Toronto, Canada.

lexam vg gold inc (LEX) Top Compensated Officers

Chief Financial Officer and Controller
Total Annual Compensation: C$13.5K
Compensation as of Fiscal Year 2013.

lexam vg gold inc (LEX) Key Developments

Lexam VG Gold Inc. Announces the Results of Preliminary Economic Assessment on Open Pit Gold Projects in Timmins, Ontario, Canada

Lexam VG Gold Inc. announced the results of a Preliminary Economic Assessment on its open pit gold projects in Timmins, Ontario, Canada. The PEA was initiated to assess the potential of Lexam's gold projects, which include the Buffalo Ankerite, Davidson Tisdale, Fuller and Paymaster properties. The study was completed by RPA Inc. of Toronto, Canada, and is based on the company's June 2013 mineral resource estimate. The focus on the potential for open pit mining on the properties was driven by the near surface nature of the gold mineralization and previously released drill results indicating substantial widths of mineralization. In addition, there remains exploration potential to further expand the existing mineral resource at surface and to depth, in particular by expansion of the recently updated underground resource estimate of 650,600 ounces gold Measured and Indicated from 4.16 million tonnes grading 4.86 grams per tonne Au and 574,500 oz Au Inferred from 4.07 million tonnes grading 4.39 g/t Au. Further exploration by Lexam will focus on increasing the open pit and underground resources and adding new resource areas. Highlights of PEA Base Case, Scenario 1A: After-tax Net Present Value of $33 million, Internal Rate of Return of 32%, and 2.1 years payback. Average annual gold production of 45,000 oz Au over a life-of-mine of 6.5 years with a strip ratio of 9.6:1. Cash operating costs over LoM average $865/oz Au. Initial capital cost to construct the mine is estimated at $58 million with potential to reduce initial costs through project optimization and more advanced studies. Base case assumes toll milling for all mineralization and contract mining for a portion of the waste stripping. Mining dilution of up to 27.5% is factored depending on the mineralized zone and thickness, along with mining extraction of 95%. The PEA is preliminary in nature and includes the use of inferred resources, which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Lexam VG Gold Inc., Annual General Meeting, May 08, 2014

Lexam VG Gold Inc., Annual General Meeting, May 08, 2014., at 16:00 Eastern Daylight. Location: St. Andrew's Club, G2 - Garden Two Room, 150 King Street West, 16th Floor. Agenda: To consider the audited consolidated financial statements of the Corporation, for the financial year ended December 31, 2013; to fix the number of directors to be elected at the Meeting at seven; to elect a Board of Directors for the ensuing year; to appoint KPMG LLP as Auditors for the ensuing year at remuneration to be fixed by the directors; and to transact any such other business as may properly be brought before the Meeting or any adjournments thereof.

Lexam Vg Gold Inc. Reports Positive Results from Preliminary Metallurgical Testwork

Lexam VG Gold Inc. reported positive results from preliminary metallurgical testwork, indicating recoveries from 90.7% to 98.5%. Drill core samples were analyzed from its four gold projects in Timmins, Ontario (Buffalo Ankerite, Paymaster, Fuller and Davidson Tisdale). These results will be utilized in the ongoing Preliminary Economic Assessment examining the open pit potential of the gold projects. The preliminary metallurgical results indicate high recoveries between 90.7% and 98.5% for traditional gravity concentration and cyanide leach processes, in line with historic metallurgical results; recoveries for both processes occurred at relatively coarse grind sizes, with P80 of 68 to 82 microns, while a more commonly used finer grind would likely yield higher recoveries; maximum cyanide leach recoveries were achieved in just over 24 hours residence; the samples had favourable characteristics, including low reagent consumption and short leach times; and recovery increases with finer grind, indicating the potential for improved results with additional testwork. Lexam has NI 43-101 resource estimates for the four projects. The recently released resource estimates were completed to better define the near surface resource within a potential open pit shell. The updated resources were classified into two categories: Open Pit and Underground. A Preliminary Economic Assessment is being conducted to determine the economic viability of open pit mining on each of the properties. The study was conducted by SGS Minerals Services at its Lakefield, Ontario facility. Composite samples were submitted by Lexam to SGS for a metallurgical investigation into the recovery of gold. The 5 samples of diamond drill core utilized in the metallurgical testing represent composite intervals from the open pit sections of the properties (one sample was tested for each Buffalo Ankerite North Zone, Buffalo Ankerite South Zone, Paymaster, Fuller and Davidson Tisdale). Most of the properties have either historic metallurgical studies or a history of gold milling indicating favourable metallurgical properties on grades of underground tenure. The objective of the present studies was to confirm that the favourable recovery extended to the lower grades of the open pittable resources. The results confirmed favourable metallurgical recovery of the lower grades contained within the proposed open pits, similar to the gold recovery of the historic underground mining. The selected composite samples originated from drill holes within the resource optimized pit shells and were selected to be representative of the gold grades of the open pit resource at the Timmins projects. The gold head analysis confirmed the grades anticipated by Lexam, with a representative range of low assays, 0.5 to 1.5 g/t Au, within the composite. The highlighted column "Grav + CN" in Table 1 that follows indicates the overall recovery that can be expected. The results were favourable indicating recoveries from 90.7% to 98.5%.


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