PRECIOUS METALS

Sabina halts Goose drilling as Covid-19 precaution

Canadian exploration junior Sabina Gold & Silver Corp says it will defer spring drilling at the Goose target on its Back River gold property in Nunavut until later this year as part of its precautionary measures to curb the spread of Covid-19.

Staff Reporter
Sabina Gold & Silver Corp has deferred drilling at the Goose prospect on its Back River property in Nunavut as a precaution against the spread of Covid-19

Sabina Gold & Silver Corp has deferred drilling at the Goose prospect on its Back River property in Nunavut as a precaution against the spread of Covid-19

The company had also asked its Vancouver-based corporate office employees to work from home.

Sabina said no Covid-19 cases had been reported among its employees, however, since the Goose site was only accessible by air medical support and isolation measures for any employees or contractors with symptoms could be problematic.

Sabina said it would also slow project development activities until the environment "becomes more stable and better information becomes available".

"We are simply following advice from federal, provincial and territorial health authorities to do our part to flatten the curve of this virus. In addition, in times like these, people need to be with their families," said CEO Bruce McLeod.

"Delaying project development activities will not create any issues with existing permits or agreements, as we have a great deal of flexibility on the timeline of future development of the Back River gold project," McLeod said, adding the project remained "well funded".

The company's shares (SBB:TSX) gained as the TSX rebounded above the four-year low on Tuesday, closing 16.5% higher at C99c, which gives it a market value of $294 million (US$207 million).

 

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.