Atlantic Gold expands holdings in Nova Scotia

MOOSELAND – Calling the move part of a “long-term commitment to the Province of Nova Scotia,” St Barbara President Americas Meryl Jones has announced the company’s acquisition of NSGold Corp. for approximately $7.9 million.

The purchase includes the Mooseland Gold Property, about 13 kilometres from St. Barbara’s Moose River Consolidated Gold Mine (Touquoy) near Middle Musquodoboit, which is operated by its subsidiary Atlantic Gold Corporation.

According to a shareholder circular from NSGold – a publicly traded company (NSX on the TSX Venture Exchange: NSGold) with local, national and international shareholders – the Mooseland property contains approximately 3,454,000 tonnes of “inferred mineral resources” bearing 535,000 ounces of recoverable gold.

In a statement, Jones said, “… St. Barbara [headquartered in Australia] is a growing gold company [whose] goal is to make Nova Scotia a place where industries like ours can thrive.”

In an email to The Journal, Dustin O’Leary, communications manager for St Barbara Atlantic Operations, said NSGold will be “an exploration property with the potential for future development,” adding: “St Barbara believes this purchase underlines our commitment to being a leading gold producer and to providing opportunity and prosperity in rural Nova Scotia for years to come.”

In addition to the Touquoy mine, which employs approximately 350 people, St Barbara and has three development projects in various stages of harmonized federal/provincial permitting Nova Scotia. The proposed Beaver Dam and Fifteen Mile Stream mines, northwest of Sheet Harbour, are scheduled to start production in 2023 and 2025, respectively. The company expects production at its planned Cochrane Hill Gold Mine, near Sherbrooke, to begin around 2028.

St Barbara has been the target of sharp criticism from environmental and community groups that are opposed to industrial gold mining. The Nova Scotia Salmon Association and the St. Mary’s River Association have strongly advocated against the company’s plans for Beaver Dam and Cochrane Hill, both of which abut ecologically sensitive watersheds. “[We] generally lack confidence that Atlantic Gold will prioritize protection of the environment,” the NSSA stated on its website in December.

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