GOLD exploration company Atlantic Gold has bolstered its asset portfolio with the purchase of the Cochrane Hill gold project in Nova Scotia, Canada.
Cochrane Hill covers 8.3 square kilometres, 80km east of Atlantic Gold’s Touquoy gold project, and has more than 10 million tonnes of total indicated and inferred resources grading 1.7 grams per tonne. The project comprises 53 mineral claims.
Atlantic reported that in the first stage of a 5000m resource development diamond drilling program, Cochrane Hill produced “excellent results”, with shallow mineralisation suitable for open pit mining discovered across intersects of up to 31m, including 2.43g/t from 19m depth.
“The acquisition of 100 per cent interest in the Cochrane Hill gold project is a major step forward in Atlantic Gold’s plan for a minimum one million ounces of gold production from Touquoy, Cochrane Hill and its other Nova Scotia properties,” the company said in a statement.
Atlantic reported that Cochrane Hill and Torquoy were commercially viable, with potential for more than 900,000oz of gold to be produced from their combined deposits. The company reported that a unified production plan was in place for both deposits that predicted production of 90,000 ounces per annum across a 10 year mine life.
“Atlantic Gold looks forward to advancing this property [Cochrane Hill] towards production in the near term,” the company stated.
“[The] gold district of Nova Scotia is highly prospective for major open-pittable gold resources similar in style to those at Touquoy and Cochrane Hill.” Atlantic Gold is listed on the ASX and has operated in WA for 15 years