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Gold Investing

Nuvau Minerals CEO: Thundermine Gold Adds Upside to Matagami Restart

"There's 12 mines on this property, but never once has (it) ever (been) systematically explored for gold until now," said Nuvau Minerals CEO Christina McCarthy.

Nuvau Minerals (TSXV:NMC,OTCPL:NMCPF) is working to restart base metals production in Québec's Matagami camp. It has owned the camp outright since March after closing its acquisition of the property from Glencore (LSE:GLEN,OTCPL:GLCNF), and that has opened the 1,380 square kilometer property to gold exploration for the first time.

Speaking at the Precious Metals Summit in Beaver Creek, CEO Christina McCarthy highlighted recent results from the Thundermine target area. Hole TH-26-08 returned 138.87 grams per tonne (g/t) gold over 4.45 meters. TH-26-11, a 50 meter step out, intersected 17.37 g/t gold over 2.4 meters.

Nuvau holds the fully permitted Bracemac-McLeod mine, also on the property, and an option to buy a fully permitted mill for $5 million. That purchase can't go ahead until Glencore submits its closure study to the government. In the meantime, the company is permitting a new tailings facility, which McCarthy said typically takes about two years


"I believe it'll be somewhere around in 2029 that we're actually … producing and cashflowing," she said.

Watch the full interview with Nuvau Minerals CEO Christina McCarthy above.