Abcourt preps Sleeping Giant’s first gold since 2014

The aptly-named Sleeping Giant mill in Quebec is turning again for the first time since 2014, says Abcourt Mines (TSXV: ABI; US-OTC:ABMBF).

The company said Wednesday it has invested about $42 million in restarting the 950-tonne-per-day mill and the gold mine below it.

The shaft at the Sleeping Giant mine lies can access 98% of the estimated resource. It hosts 755,000 measured and indicated tonnes grading 7.14 grams gold per tonne, containing 173,330 ounces. There are 884,000 inferred tonnes at 8.74 grams for 248,300 contained ounces.

“Having the mill out of its care and maintenance mode is a major milestone that shows the market our constant advancement,” Pascal Hamelin, Abcourt president and CEO, said in a release. “We’ve operated this mill in the past, and we believe the ramp up and testing phase on the current material should be smooth and without major issues.”

Shares in Abcourt Mines gain half a cent to close at 8¢ apiece in Toronto on Wednesday, its highest in two and half a years, valuing the company at $76.2 million. 

Past producer

The mill and mine, located in the Abitibi Greenstone Belt, mid-way between Amos and Matagami, produced over 1 million oz. of gold from 1987 to 2014 from ore averaging 10.29 grams gold. The site treated ore from the Elder mine (2015-22) and a bulk sample from the Pershing-Manitou deposit (2024).

The company started a 20,000-metre underground drill program in December 2023, and the results are aimed at upsizing the resources. 

Abcourt also holds 13 early-to-advanced stage gold exploration project in the region, all of which are within trucking distanced of the Sleeping Giant mill. They include the Cartwright prospect discovered in 2024 and the Flordin deposit explored in the 1980s.