A Canadian precious metals company, Sabina Gold & Silver Corp. has a portfolio of properties in Canada at different stages of development. It has district scale, first-rate undeveloped assets in Nunavut, Canada. The Company’s mission is to become a significant gold producer via the successful phased development of the Back River District in Nunavut. Sabina owns 100 percent of the Back River Gold District which comprises seven properties totaling approximately 120,000 acres. Sabina Gold & Silver is headquartered in Vancouver, British Columbia.
Mr. Bruce McLeod, P. Eng, is Director, President and Chief Executive Officer (CEO) of Sabina Gold & Silver. Mr. McLeod has more than three decades of experience in all areas of the mining industry. He mainly focuses on project development, strategic planning, as well as financing activities. He was the co-recipient of AMEBC’s EA Scholz Award for excellence in mine development in 2009.
The Back River Gold Project is a series of gold deposits in banded iron formation. The Project is in southwestern Nunavut, around 520 km northeast of Yellowknife, NWT; 50 km southeast of Xstrata Zinc Canada’s Hackett River Silver-Zinc Project; and 75 km southwest of Bathurst Inlet. The Back River Gold District is one of Canada’s new emerging gold districts.
The Company’s goals include developing an economically viable mine at Back River, and the financing and construction of Back River for sustainable production. In addition, its goals include continuing exploration of Back River to unlock its full potential to sustain production growth internally.
Sabina’s immediate emphasis is on the Back River deposits and exploration opportunities proximal to existing resources. The Back River Gold Project is advanced. Moreover, it hosts significant NI 43-101 gold resources and reserves. The Company has completed a Feasibility Study and important permitting milestones.
Sabina Gold & Silver’s other projects include Golden Sidewalk, Red Lake Area, Ontario (inactive). The Company owns 100 percent of 18 leasehold patent claims. Another of its projects is Skinner, Red Lake Area, Ontario (inactive). Sabina owns a 100 percent interest in 14 claims, encompassing 2,900 hectares.
Furthermore, Sabina’s other projects include Redaurum, Red Lake Area, Ontario (inactive). Goldcorp is the operator (55 percent), with Claude Resources (25 percent) and Sabina (20 percent) holding the remaining interests.
Also, Sabina Gold & Silver owns a significant silver royalty on Glencore’s Hackett River Project. The silver royalty on Hackett River’s silver production consists of 22.5 percent of the first 190 million ounces produced and 12.5 percent of all silver produced afterwards.
Regarding its flagship, 100 percent owned Back River Gold Project, Sabina recently released a Feasibility Study that presents a project designed on a fit-for purpose basis, with the potential to produce roughly 200,000 ounces annually for approximately 11 years with a fast payback of 2.9 years. The Study delivers a potential after tax internal rate of return (at a US$1,150 gold price and a 0.80 exchange rate) of about 24.2 percent with an initial capital expenditure of $415 million.
Concerning its Q3 2016 highlights, Sabina Gold & Silver had cash and cash equivalents and short-term investments of $41.5 million at September 30, 2016.