Elemental established a new stream on the gold produced by the Ming copper-gold mine in March 2022. Elemental will receive 50% of payable gold production until Rambler has delivered 10,000 ounces of gold to Elemental, after which Elemental will receive 35% of payable gold production until Rambler has delivered a further 5,000 ounces to Elemental. After Rambler has delivered a total of 15,000 ounces of gold, Elemental will receive 25% of payable gold production for the life of mine. Annual gold production at Ming from 2017 to 2021 averaged 3,411 ounces of gold.

The Ming operation is 1.35ktpd underground mine and nearby mill and concentrator in northwest Newfoundland, Canada, 350km northeast of St John’s. The mine is operated by Rambler Metals and Mining plc (AIM: RMM) and consists of three granted mining concessions covering approximately 9.6km2, but the agreement covers any production by the company within a 5km radius of the mine.

The geology of the area is of Cambrian-Ordovician metavolcanics and metasediments of the Pacquet Harbour Group, with two major volcano-sedimentary units, with the copper-gold mineralisation occurring at or near the stratigraphic contact between the two, hosted by volcanic hosted massive sulphide (VMS) deposits and associated stringer sulphides. The orebody was originally discovered in 1907, and the mine been operated for two periods of significant production from 1960 to 1982, and Rambler recommenced production in 2012.

There are a number of gold rich massive sulphide orebodies that have been mined historically, and have shown great continuity downplunge, and continue to contribute a material amount to the Reserve. Rambler have also discovered and started mining a large low grade stringer sulphide ‘footwall’ zone stratigraphically lower than the massive sulphide lodes, and they plan to mine both styles of ore to provide a consistent mill blend.

Exploration Potential

There is a very large Resource base available for ongoing conversion into Reserve, but this is likely to be upgraded as mining progresses. The system has been drilled to varying degrees downplunge, and the operators believe that the results indicate that the system continues well beyond the current Mineral Resource Estimate, and that the whole system is improving in both thickness and grade with depth.

For further information, please visit the Rambler Metals and Mining website.