Signal Gold Inc. provided an update on permitting and development initiatives completed at the Goldboro Project in Nova Scotia since the last update in July 2023. In addition to the ongoing success of the 12,000-metre growth exploration program at Goldboro, the Company has also achieved several key permitting milestones to advance the Project, including: Mineral Lease Application submission on July 27, 2023. Industrial Approval Application submission on August 28, 2023.
The Goldboro Project previously received its Environmental Assessment approval from the Nova Scotia Minister of Environment and Climate Change on August 3, 2022. The Company has also completed a geotechnical drill program comprising 1,357 metres in seven (7) HQ-diameter diamond drill holes at Goldboro to support the design of the proposed open pits from the Feasibility Study (filed in January 20, 2022), in addition to other geotechnical and water monitoring drilling (2,608.7 metres in 71 drill holes) and 59 test pits to support proposed site infrastructure and ongoing environmental monitoring studies (Exhibit A). All drill holes completed were selectively sampled for gold, utilizing fire assay procedures, which are pending and will be reported as they become available.
The geotechnical work and ongoing environmental monitoring programs allow to continue to optimize the operating parameters of the Project with the goal of making Goldboro an efficient, sustainable, safe and profitable operation. During the summer of 2023, the Company completed 1,357 metres of drilling in seven (7) headquarters-diameter diamond drill holes (BR-23-391, 394, 396, 398, 400, 401 and 403) that were designed to further support pit slope design of the conceptual East and West open pits as outlined in the 2022 Feasibility Study. Each of these drill holes were collared near or within the proposed open pits and intersected visual alteration and quartz veining coincident with existing mineralization zones within the Goldboro Deposit.
Assays are pending for these drill holes and are expected in the fourth quarter of 2023. Site Geotechnical and Environmental Work. Geotechnical work completed since November 2021 to support the 2022 Feasibility Study and recently submitted permit applications, includes 59 test pits, 20 geotechnical holes (266.2 m), 37 shallow water monitoring wells (750.0 m) and 14 deep water monitoring wells (1,592.5 m).
This work was conducted at the Project to support detailed design and engineering and to assist in finalizing mine infrastructure plans. Data gathered from the water monitoring wells will determine baseline environmental levels and hydrogeological characteristics and allow for future groundwater quality monitoring. Geotechnical drilling was completed to test overburden depths and determine the characteristics and properties of the overburden and the upper few meters of bedrock at proposed infrastructure sites.
Test pits were completed to test the depth and characteristics of overburden material, with the maximum depth of the test pit determined by the depth of bedrock. The geotechnical drilling programs were supervised by Terrane Geoscience of Halifax, Nova Scotia and Signal Gold personnel.