Investor Insight
With a strategic asset base in the prolific Abitibi Gold Belt near Val d’Or, and a fully permitted gold mill facility, LaFleur Minerals is well-positioned for near-term production and long-term growth.
Overview
LaFleur Minerals (CSE:LFLR,OTCQB:LFLRF) is a growth-focused gold exploration and development company with assets in Québec’s Abitibi Gold Belt, one of the most prolific gold regions globally. The company is focused on the production restart at Beacon Mill in parallel to advancing key exploration programs at its Swanson gold project, a well-located, resource-rich deposit with strong growth potential.
LaFleur Minerals boasts a favourable entry point with a market cap yet to reflect the company’s asset base, as well as solid fundamentals with strong growth catalysts and significant upside potential from a near-term producing gold mill with low restart cost.
Company Highlights
- Focused on developing high-potential gold projects in the Abitibi Gold Belt in Québec, a top-tier mining jurisdiction with strong government support and flow-through financing incentives, and Canada’s largest gold producing region.
- Successfully assembled over 150 square kilometers of mineral claims and a mining lease, anchored by the Swanson gold deposit and complemented by recent acquisitions from Abcourt Mines.
- The Swanson gold project hosts an NI 43-101-compliant mineral resource of 123 koz indicated and 64 koz inferred, with significant exploration upside.
- LaFleur owns the fully permitted and refurbished 750 tpd Beacon Gold Mill, which previously underwent ~$20 million in upgrades, providing a clear pathway to near-term gold production from Swanson and other potential regional sources.
- The company has launched an extensive exploration program, including geophysics, geochemistry and a planned 10,000-meter drill campaign for 2025, targeting a resource expansion to over 1 Moz.
- Led by CEO Paul Ténière, a highly experienced geologist and mining executive, supported by a team with extensive expertise in gold exploration, project development and corporate finance.
Key Projects
Swanson Gold Project – Flagship Asset
The Swanson gold project is located in Québec, Canada, rated as the fifth top jurisdiction in the world for mining investment (Fraser Institute’s 2023 annual survey), offering a stable and supportive environment for resource development with easy access to flow through capital. The Swanson gold project has had in excess of 36,000 metres of historical drilling, which underscores the advanced exploration and development potential of the project, which includes several favourable gold bearing regional structures and deformation corridors extending across the property.
Project Highlights:
- +16,600 hectares (166 sq km) and rich in gold and critical metals, hosts the Swanson, Bartec and Jolin gold deposits
- Previously held by Monarch Mining, Abcourt Mines and Globex
- Accessible by road/rail, 66 km north of Val-d’Or on the Southend Abitibi gold belt, close proximity to established producers such as Agnico Eagle and Eldorado, as well as developers like Probe Gold and O3 Mining, with direct access to several nearby gold mills
- Mineral resource estimate reinforces status as flagship project:
- Indicated mineral resource estimate of 2,113,000 t with avg grade of 1.8 g/t gold, containing 123,400 oz of gold.
- Inf. Mineral Resource Estimate of 872,000 t with avg grade of 2.3 g/t gold, containing 64,500 oz of gold
- The project’s current MRE was optimized with a price of gold at US$1,850/oz, current gold market price has hit above US$3,000/oz
- $3 million in flow-through to deploy with immediate plans to increase gold resources through diamond drilling at Swanson, Bartec, Jolin, and other gold deposits, and up to 10,000 metres of drilling expected to commence by mid-2025
- Other key developments include a decline portal and ramp extending to a depth of 80 metres; well positioned for advanced exploration with over $5 million invested by the previous owner between 2021 and 2023
- Since acquiring the Swanson deposit and consolidating the large claims package, the company has deployed in excess of $1 million in flow-through funds, completed detailed soil geochemistry and prospecting across several gold targets, completed a very-high resolution airborne magnetic and VLF-EM geophysical survey, and is currently in the process of completing a ground IP survey over the Swanson, Jolin, and Bartec gold deposits
- Several new promising gold targets have been identified from the recent surface exploration and geophysics programs, highlighting the potential for mineral resource growth and new discoveries at Swanson
- The company has submitted an application for a diamond drilling permit to the Québec government for the Swanson gold project and will be sending Requests for Quotes (RFQ) to local drilling contractors, with drilling expected to commence in the spring at the Swanson, Bartec, Jolin and other recently delineated gold targets
Beacon Gold Mill – Near-term Production
The Beacon Gold Mill is a strategically positioned, fully permitted 750 tpd processing facility located less than 50 km from Swanson. Originally acquired through the Monarch Mining CCAA process, the mill underwent a $20 million refurbishment in 2022 and remains in excellent condition. LaFleur’s strategic location on the mineral rich Abitibi Greenstone Belt is key to its plans to restart gold production as its positioned in a prime area with over 100 historical and operational mines, allowing for rapid monetization of ore from nearby gold deposits.
Project Highlights:
- Low restart cost with processing capacity of over 750 tonnes per day, targeting production of up to 30,000 oz of gold per year. At US$2900/oz, the projected potential revenue is ~$100 million
- Capable of custom milling operations for other nearby gold projects
- Currently being evaluated for processing mineralized material from Swanson as part of a high-level preliminary mining and economic study
- Past-producing Beacon Mine is located on the site of the Beacon Mill: the property consists of a mining lease, a mining concession, and 11 mining claims
- Beacon I and II mines include mineralized zones where limited historical gold production was achieved during the period of 1984 to 1988 and again in 2005
- The advancement of operations at the Beacon Mill has transformational qualities for the company, evolving it from explorer to a near term gold producer in a Tier 1 jurisdiction with significant upside potential
- The restart of production at the Beacon Mill to process bulk samples and/or for custom milling purposes is targeted for before 2025 year end, or once all required restart work has been completed and final approvals have been received by the Québec government, meanwhile equipment inspections, parts inventory, and maintenance work continues on a full-time basis at the company’s Beacon Gold Mill as part of its restart program including a final plan and budget to restart the mill to be completed by ABF Mines by late April once final inspections are complete
Management Team
Kal Malhi – Chairman
A successful entrepreneur and the founder of Bullrun Capital, Kal Malhi has raised over $300 million for various public and private companies across multiple industries, including mining, biotechnology and technology.
Paul Ténière – CEO
Paul Ténière has more than 20 years of experience in mine development, geology and project management. He has held senior leadership roles across multiple mining companies and is a recognized expert in NI 43-101 compliance and technical reporting.
Harry Nijjar – CFO and Corporate Secretary
Harry Nijjar is currently a managing director with Malaspina Consultants and provides CFO and strategic financial advisory services to his clients across many industries. This experience has allowed him to help his clients successfully navigate regulatory and financial environments within which they operate. Harry holds a CPA CMA designation from the Chartered Professional Accountants of British Columbia and a BComm from the University of British Columbia
Louis Martin – Technical Advisor and Exploration Manager
Louis Martin is a professional geoscientist. and has been a major contributor to the discovery of several gold and base metal deposits during his more than 40-year career. Martin has been fortunate to be part of the exploration teams that were awarded the Discovery of the Year by the AEMQ for the West Ansil Deposit (2005) and the Louvicourt Deposit (1989). He has worked on several advanced exploration projects that included bringing four of these projects into production. For the last eight years, Martin has worked as a technical advisor and geological consultant for numerous junior and major mining companies.
Preet Gill – Director
Preet Gill is a business professional offering leading development and implementation of superior business strategy. Gill has a proven track record of identifying and creating profitable business opportunities, qualifying authentic prospects, and cultivating strong partnerships. She has over 28 years of experience in leadership roles within Home Depot Canada and has an MBA from Royal Roads University and certificates in business leadership from Queen’s University.
Harveer Sidhu – Director
Harveer Sidhu is the founder of BuildSmartr.com and has served as a director, officer and audit committee member for publicly listed companies. Sidhu is experienced in manufacturing, import and exporting, information technology systems, e-commerce and construction project management. He is also the president and director of Beyond Medical Technologies. He holds a bachelor’s degree from Simon Fraser University and has been a licensed builder with BC Housing since 2014.
Michael Kelly – Director
Michael Kelly is a former member of the Canadian Armed Forces Military Police and a retired member of the Royal Canadian Mounted Police. Kelly currently serves as a Partner at BullRun Capital Inc. and is a respected businessman based in Kelowna, British Columbia. He is also a director and member of the audit committee of Beyond Medical Technologies, an industrial/technology company with a manufacturing facility located in Delta, British Columbia.
Jean Lafleur – Senior Advisor
A highly respected geologist with over 40 years of experience in the mining sector, Jean Lafleurhas led multiple exploration programs and mining projects, contributing to major gold discoveries worldwide.