THE BOURSE WHISPERER: Matador Mining (ASX: MZZ) updated the market on progress of the Environmental Assessment (EA) process for the company’s Cape Ray gold project in Newfoundland, Canada.
Matador Mining said it has made good significant progress in the latter half of this year regarding Environmental Assessments, specifically in the important areas of First Nation and Stakeholder Consultation.
The company has had meetings with the two Mi’kmaq First Nation Communities, from which it said positive feedback was received from the Chiefs and Band Councils.
Public meetings were also held in Port aux Basques and Isle aux Morts to present the project to the local communities that were both very well attended with local support for the project on show.
The company also provided insight to Environmental Baseline studies it has underway to satisfy Environmental Impact Statement Guidelines.
These are nearing completion and are expected to be completed early in 2020.
Meetings with officials at the provincial and federal environmental assessment agencies provided positive feedback on the process.
Matador has a Project Environmental Impact Statement (EIS) submission date targeted for Q3 2020 with approvals targeted for early 2021.
Other meetings have also been held with Newfoundland and Labrador Hydro (NLH) that have identified potential grid connection points and internal studies have been initiated by Newfoundland and Labrador Hydro to determine optimal grid connection points for project power.
Matador indicated this could have potential to reduce operating costs, which will be highlighted in the company’s development study that remains on track to be released during Q1 2020.
“The pace at which we have been able to move ahead with our Environmental Assessment for the Cape Ray gold project has been very encouraging and initial discussions with elected officials in Newfoundland have garnered significant project support with the permitting process expected to be completed in a relatively short time frame,” Matador Mining technical director Keith Bowes said in the company’s announcement to the Australian Securities Exchange.
“In parallel with our assessment work we are also pursuing options for grid power connections for a future operation.
“Newfoundland has an abundance of hydroelectric power (through the new Maritime link) which will benefit the project as grid connections are in close proximity to the site and power authorities have already expressed a willingness to support the project.
“Given the current status of the Environmental Assessment, the progress made with the exploration program and our initial assessment work, Matador is on track to potentially become the next major gold producing mine in Newfoundland.”