Key highlights of the company include:
- Strong financial position to execute on its 2025 program, including the completion of the earn-in with Glencore on the Matagami property
- Located in Québec, the Matagami Mining camp is a historic base metal camp with a
60-year history of production
- Multiple exploration targets have been identified on this extensive land package, covering over 1,300 km²
- Two significant discoveries by Nuvau: Renaissance Zone and McLeod Extension
- To date, no focused gold exploration has taken place on the property
- Valuable and permitted infrastructure in place, including the 3,000 tpd processing plant
- Current preliminary economic assessment( PEA) indicates a 10-year mine life that includes only the current resources from the Caber Complex. Significant exploration potential to support resource growth.
- Strong provincial and community support
- Highlight drill results from Nuvau's 2023-24 drilling campaigns include the McLeod Extension Discovery of 15.9 m at 2.81% Cu, 14.80% Zn, and 0.39g/t Au
"After almost three years since founding the company, 2024 was a watershed period for Nuvau," said Peter van Alphen, President and CEO. "After a considerable amount of work by our dedicated team, we were able to complete the qualifying transaction and begin trading on the TSXV on December 17, 2024. This was, in no small part, because of the continued support of our shareholders, both old and new. We also continued to work towards the completion of the earn-in agreement with Glencore, which will see Nuvau as the 100% owner of the Matagami Property in Quebec. Nuvau remains focused on bringing a new start to this historic mining camp through continued exploration initiatives across this 1,300 km2 land package, as well as the ongoing efforts to continue to de-risk the potential restart of production. We are in a strong financial position as we begin 2025, advancing our objectives and looking to grow our team."
The Matagami Opportunity
The Matagami Mining Camp represents a compelling investment opportunity. Located in the northern Abitibi Greenstone belt in the province of Quebec, the Matagami property is in the heart of a region that boasts a history of significant mineral endowment. The exploration potential of the Matagami property is substantial, with over 1,300 km² of highly prospective ground in a region renowned for its base and precious metal deposits.
The property lies along the Sunday Lake deformation zone, east of major current and past mining operations such as the Detour Gold Mine, Casa Berardi Mine, and Selbaie Mine. This region is the focus of continued exploration activities by numerous exploration companies.
Matagami Mining Camp
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11236/236256_438777926454ba47_001full.jpg
Geophysical programs have identified more than 80 priority targets in the northern part of the property alone. The first of these anomalies tested by Nuvau resulted in the discovery of the Renaissance Zone and highlights the potential along this undertested part of the property. Only a small portion of the property has been extensively explored, resulting in significant exploration potential for base metals and there has never been a focused exploration program for gold on the property. Multiple gold anomalies have been identified which may open an opportunity for additional discoveries.
In addition to the exploration potential, mineral resources have been identified on the property including three deposits collectively referred to as the Caber Complex. These resources represent a potential mine life of nearly 10 years as determined in the PEA prepared by Nuvau.
Nuvau Minerals Holdings
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11236/236256_438777926454ba47_002full.jpg
The property is also unique in the region as it includes extensive existing infrastructure including a permitted, 3,000 tonne per day, processing plant, and the permitted past-producing Bracemac McLeod Mine. This infrastructure will significantly reduce initial capital requirements if the Company reaches the point of restarting production.
2024 Update and Achievements
Founded in 2022, Nuvau has made significant progress, completing a qualifying transaction to begin trading on the TSXV under the symbol of NMC on December 17, 2024. The qualifying transaction also included concurrent financings raising gross proceeds of approximately $9.2 million, resulting in a strong cash position of approximately $12 million at the end of 2024. The financings included participation from certain Quebec investment funds, further building a strong shareholder base.
The work conducted across the property since 2022 has included extensive exploration programs on various specific targets as well as work related to future target generation. Notable achievements from the exploration work programs to date include:
- The discovery of the Renaissance Zone, located in the West camp, near the Caber Complex. As a result of targeting a geophysical anomaly, the discovery hole was drilled in 2023, intersecting multiple massive and semi-massive sulphide zones with some containing high grade gold values. The discovery hole (PD1-23-01) intersected multiple zones which included 3.10 m at 2.11% Cu, 2.78% Zn, 0.38g/t Au and 15.7m at 0.41% Cu, 1.69% Zn, 0.70g/t Au, and 12.3 m at 0.50% Cu, 1.18% Zn, 1.15g/t Au including 0.7 m at 9.30g/t Au and 1.0m at 3.49g/t Au. Drilling to continue to explore this zone is planned for early 2025. See the table below setting out the results of the Renaissance drill program.
- The McLeod Extension was also discovered in 2023 at the Brace McLeod Mine. This discovery demonstrates the potential for additional resources at this permitted past-producing property. The discovery hole (MCL-13-31W1) intersected 15.9 m at 2.81% Cu, 14.80% Zn, and 0.39g/t Au. See the table of below setting out the results of the McLeod drill program.
In addition to the diamond drilling program, the Company also initiated a sonic drilling program to test portions of the property covered by overburden. This program aims to identify glacial till anomalies as a means of further developing new exploration targets. Results from the program completed in 2024 are pending.
A property wide technical report was completed in July 2023 and updated in November 2024. This NI 43-101 compliant technical report includes PEA for the Caber Complex.
The Company also took advantage of the benefit Nuvau gains through its access to the infrastructure on the Matagami property and continued work related to the derisking of the potential production restart. This was through early-stage engineering and baseline study work required for the permitting of a new tailing storage facility. In addition, definition drilling was advanced at the Caber Complex for the purpose of mineral resource conversion and to provide samples for metallurgical studies.
For details on the Matagami Property and complete drill results, please see the Technical Report available under the company's profile on SEDAR+.
2025 Objectives
Nuvau's 2025 plans are focused on advancing exploration to continue growing resources, pursuing new discoveries and further advancing plans for a future production decision. Key milestones for 2025 include:
- Completion of the earn-in agreement with Glencore
- Continued exploration drilling at the Renaissance Zone and McLeod Extension
- A drill program to continue to test geophysical anomalies in the northern part of the property
- The continuation of the Sonic drilling program in the western part of the property to explore further till anomalies.
Additionally, Nuvau is advancing plans to update the PEA with the aim of optimizing the Caber Complex mine plan and incorporating the potential restart of the Bracemac McLeod Mine into the economic analysis. Drilling at the Caber Complex will also focus on converting resources and collecting samples for metallurgical studies in preparation for a feasibility study.
About Nuvau
Nuvau is a Canadian mining company focused on the Abitibi Region of mine-friendly Québec. Nuvau's principal asset is the Matagami Property that is host to significant existing processing infrastructure and multiple mineral deposits and is being acquired from Glencore.
Table 1 Collar table for the McLeod diamond drilling program
| Hole ID | Azimuth (⁰) | Dip (⁰) | Length
(m)* | *Easting
(m) | *Northing
(m) | Elevation
(m) | Wedge
Depth (m) |
| MCL-13-31W1 | 12.44 | -82.78 | 1401 | 307938.05 | 5504882 | 263.32 | 681 |
| MCL-13-31W2 | 12.44 | -82.78 | 1434 | 307938.05 | 5504882 | 263.32 | 650 |
| MCL-13-31W3 | 12.44 | -82.78 | 1319.2 | 307938.05 | 5504882 | 263.32 | 831 |
| MCL-13-31W4 | 12.44 | -82.78 | 1515 | 307938.05 | 5504882 | 263.32 | 1287 |
| MCL-13-31W5 | 12.44 | -82.78 | 1527 | 307938.05 | 5504882 | 263.32 | 636 |
*UTM (NAD83 Coordination - Zone 18N). Length is from the drill hole collar and not from the wedge depth.
Table 2 Significant intercepts for the McLeod Deposit drilling program
| Hole ID | From (m) | To (m) | Length (m) | Cu % | Zn % | Au (g/t) |
| MCL-13-31W1 | 1258.8 | 1274.7 | 15.9 | 2.81 | 14.80 | 0.39 |
| Incl | 1260.1 | 1273.5 | 13.4 | 3.13 | 17.09 | 0.43 |
| Incl | 1272.85 | 1273.5 | 0.65 | 10.65 | 11.35 | 1.295 |
| And | 1315.6 | 1316.6 | 1.0 | 0.21 | 5.1 | 0.41 |
| MCL-13-31W2 | 1347.7 | 1354.75 | 7.05 | 4.07 | 10.25 | 1.03 |
| Incl | 1347.7 | 1350.75 | 3.05 | 5.05 | 13.81 | 1.19 |
| Incl | 1347.7 | 1348.55 | 0.85 | 1.17 | 30 | 0.44 |
| MCL-13-31W3 | Abandoned |
| MCL-13-31W4 | No significant mineralization |
| MCL-13-31W5* | 1404 | 1406.7 | 2.7 | 0.09 | 2.02 | 0.06 |
| And | 1438.7 | 1443 | 4.3 | 0.08 | 1.87 | 0.39 |
*Partial assay results received as of the Technical Report effective date
Table 3 Collar table for the 2023-2024 Renaissance diamond drilling program
| Hole ID | Azimuth (⁰) | Dip (⁰) | Length (m) | *Easting
(m) | *Northing
(m) | Elevation
(m) |
| PD1-23-01 | 35 | -60 | 642 | 272597.3 | 5518368 | 273.38 |
| PD1-23-02 | 20 | -50 | 534 | 272589.9 | 5518358 | 273.46 |
| REN-23-01 | 15 | -62 | 465 | 272592.5 | 5518351 | 273.32 |
| REN-23-02 | 151 | -54.4 | 519 | 272481.69 | 5518579.44 | 272 |
| REN-23-03 | 151 | -71 | 690 | 272481.69 | 5518579.44 | 272 |
| REN-24-04 | 332 | -54.5 | 381 | 272727 | 5518313 | 272 |
| REN-24-05 | 334 | -47 | 384 | 272770 | 5518334 | 272 |
| REN-24-06 | 334 | -56 | 465 | 272809 | 5518354 | 272 |
| REN-24-07 | 346 | -69 | 561 | 272809 | 5518354 | 272 |
| REN-24-08 | 326 | -58 | 603 | 272862 | 5518256 | 272 |
| REN-24-09 | 357 | -67 | 393 | 272578 | 5518337 | 270 |
| REN-24-10 | 350 | -47 | 357 | 272591 | 5518360 | 270 |
| REN-24-11 | 325 | -50 | 708 | 272591 | 5518360 | 270 |
| REN-24-12 | 355 | -47 | 372 | 272451 | 5518166 | 270 |
| REN-24-13 | 327 | -47 | 522 | 272371 | 5518123 | 270 |
| REN-24-14 | 346 | -51 | 576 | 272862 | 5518256 | 272 |
*UTM (NAD83 Coordination - Zone 18N)
Table 4 Significant results for the 2023 to 2024 Renaissance drilling program
| Hole ID | From (m) | To (m) | Length (m) | Cu % | Zn % | Au (g/t) |
| PD1-23-01 | 360.3 | 363.4 | 3.1 | 2.11 | 2.78 | 0.38 |
| Incl | 360.3 | 360.75 | 0.45 | 0.32 | 0.33 | 1.75 |
| And | 382.3 | 398.0 | 15.7 | 0.41 | 1.69 | 0.70 |
| And | 386.7 | 399 | 12.3 | 0.50 | 1.18 | 1.15 |
| Incl | 393.5 | 394.2 | 0.7 | 0.40 | 0.19 | 9.3 |
| And | 398 | 399 | 1.0 | 0.01 | 0.08 | 3.49 |
| PD1-23-02 | 92.8 | 122.0 | 29.2 | 0.09 | 1.27 | - |
| Incl | 113.9 | 122.0 | 8.1 | 0.18 | 2.24 | - |
| REN-23-01 | 172.7 | 202.2 | 29.5 | 0.35 | 4.99 | - |
| Incl | 175.8 | 189.3 | 13.5 | 0.39 | 8.00 | - |
| REN-23-02 | 141 | 142.5 | 1.5 | 0.6 | 0.03 | 1.00 |
| REN-23-03 | No significant mineralization |
| REN-24-04 | 278 | 290.25 | 12.25 | 0.5 | 4.76 | 0.16 |
| Incl | 278.5 | 280.5 | 2 | 0.07 | 9.15 | 0.1 |
| Incl | 286.1 | 287.1 | 1 | 2.55 | 0.34 | 0.75 |
| Incl | 288.25 | 288.9 | 0.65 | 0.58 | 11.35 | 0.12 |
| REN-24-05 | 252.2 | 271.7 | 16.5 | 0.07 | 1.14 | 0.02 |
| Incl | 255.2 | 256.2 | 1 | 0.10 | 10.3 | 0.05 |
| REN-24-06 | 312 | 312.8 | 0.8 | 0.09 | 1.55 | 0.05 |
| And | 352.6 | 353.4 | 0.8 | 1.01 | 0.07 | 0.08 |
| REN-24-07 | 490.85 | 495 | 4.15 | 0.05 | 3.44 | 0.02 |
| Incl | 494.25 | 495 | 0.75 | 0.19 | 15.09 | 0.09 |
| REN-24-08 | 466.6 | 468.7 | 2.1 | 0.02 | 1.57 | 0.01 |
| REN-24-09 | 64 | 64.5 | 0.5 | 1.31 | 0.06 | 0.06 |
| And | 68.5 | 69.25 | 0.75 | 1.37 | 0.85 | 0.03 |
| And | 166.7 | 182 | 15.3 | 1.64 | 0.99 | 0.06 |
| Incl | 166.7 | 167.3 | 0.6 | 0.62 | 7.71 | 0.04 |
| Incl | 171.8 | 173.3 | 1.5 | 6.51 | 0.42 | 0.07 |
| And | 208.2 | 210.2 | 2 | 1.26 | 0.06 | 0.02 |
| REN-24-10 | No significant mineralization |
| REN-24-11 | No significant mineralization |
| REN-24-12 | No significant mineralization |
| REN-24-13 | No significant mineralization |
| REN-24-14 | Assays pending |
For additional details on the drill results, please see the Technical Report available through the following link "NI 43-101 Technical Report Matagami Mining Camp Quebec, Canada - Preliminary Economic Assessment for the Caber Complex Project" dated November 11, 2024, as well as under the Company's profile on SEDAR+.
The PEA is preliminary in nature and includes Inferred Mineral Resources, which are considered too geologically speculative to be categorized as Mineral Reserves with economic considerations. Therefore, there is no certainty that the PEA will be realized.
Assays, Quality Assurance/Quality Control and Drilling and Assay
Gilles Roy P.Geo. (Qc), a "qualified person" as defined by National Instrument 43-101, is responsible for the ongoing drilling and sampling program, including quality assurance and quality control. Drilling completed by Nuvau is being logged and sampled by Laurentia Exploration (Laurentia) geologists applying the procedures developed during Xstrata's and Glencore's operation of the Property. Sampling is confined to visibly mineralized intervals with a minimum of 2 m shoulder samples into unmineralized rock. In addition, sampling was performed on veins and altered zones to check for the presence of gold. Drill core samples are sawn by staff technicians to create half core splits. One split is retained in the drill core box for archival purposes with a sample tag affixed at each sample interval and the other split is placed in a labelled plastic bag along with a corresponding sample number tag and placed in the shipment queue. Quality control samples including blind certified reference material ("CRM"), blank material, and core duplicates are inserted at a frequency of 1 in every 20 samples and sample batches of up to 60 samples were then shipped directly by Nuvau personnel to the ALS Canada Ltd. preparation laboratory in Rouyn-Noranda, Québec. All submitted core samples are crushed in full to 95 % passing less than 2 mm (ALS code CRU-33). A 1000-gram sample was then riffled split from the crushed material and pulverized to 90 % passing 75 μm (SPL-22 and PUL-32a). Pulps are shipped from the preparation laboratory to ALS Canada Ltd.'s analytical lab in North Vancouver, British Columbia, for assay. Lead, silver, copper and zinc analyses were determined by ore grade four acid digestion with an inductively coupled plasma atomic emission spectroscopy ("ICP-AES") or atomic absorption spectroscopy ("AAS") finish (ALS codes Pb-OG62, Ag-OG62, Cu-OG62 and ZnOG62), whereas gold was determined by 30 g fire assay analysis with an AAS finish (code Au-AA23). ALS Canada Ltd. is an accredited, independent commercial analytical firm registered to ISO/IEC 17025:2017 and ISO 9001:2015.
Qualified Person and Quality Assurance
Gilles Roy, P. Geo. (Qc), Director of Exploration of Nuvau and a "qualified person" as defined by National Instrument 43-101, has verified the scientific and technical data disclosed in this news release, and has otherwise reviewed and approved the scientific and technical information in this news release.
Cautionary Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning drill results relating to the Matagami Property, the results of the PEA, the potential of the Matagami Property, the timing and commencement of any production, the restart of the Bracemac-McLeod Mine, the completion of the earn-in of the Matagami Property and the timing and completion of any technical studies, feasibility studies or economic analyses,. Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning the Company and the Matagami Property. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by the management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements contained in this news release are made as of the date of this news release, and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, neither the Company nor Nuvau undertakes any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236256
