1911 Gold Corporation
Primary tickers: TSXV:AUMB, OTCBB:AUMBF
Stage of development: Exploration, Development
Primary mineral: Gold
Project to promote: True North Mine Complex at Rice Lake, Manitoba
Project location: Canada
Website: www.1911gold.com
1911 Gold Corporation is an advanced gold exploration and development company with a dominant, 62,000 hectare land position at Rice Lake located in southeastern Manitoba, 100 km to the west of the Red Lake camp which lies on the same major fault structure.
The Company has significant infrastructure in place, including an operating, permitted 1,300 tpd milling facility, an underground mine with a 1M in Au resources at an average grade of 6.5 g/t, and road access throughout the 90 kilometers of strike length at Rice Lake.
The Company released an updated 1.1M Au resource in late 2024 and is actively drilling withing the mine site to grow the size of the resource in support of a future restart of operations.
Cash: CA$7.8M
Debt: CA$0.5M
Major shareholders:
Eric Sprott – 17%
Dundee Corp – 5%
Cypress – 5%
Undisclosed Corporates – 12%
Gunsynd PLC – 4%
Management ownership – 6%
Financials
Management Profile
Shaun Heinrichs, President and CEO
With over 25 years of experience in the mining industry, acting in both a financial and operational capacity. He is a CPA with significant capital markets and finance experience, spending most of his career working in operating and advanced exploration stage resource companies, primarily the precious metals sector, where he provides a hands on, operational approach to financial management. Mr. Heinrichs has either raised or participated in the raising of over $125M in equity financings and over $180M in debt and debt equivalent financing over his career in the mining industry.
What is your rationale for taking part in 121 Mining Investment?
Primarily to identify new equity investors as well as identify alternative forms of financing for the long term growth of 1911 Gold’s flagship property and to support a restart of operations over the next three years.
What recent news would you like to highlight to investors attending?
Nov 20, 2024 – 1911 Gold Announces Mineral Resource Estimate for the True North Gold Project
Jan 22, 2025 – 1911 Gold delivers on 2024 Objectives and Outlines 2025 Growth Strategy for True North
Drilling Results Close to the True North Mine:
Feb 4, 2025 – 1911 Gold Releases Key Results from San Antonio West Target
Feb 26, 2025 – 1911 Gold Releases Key Results from San Antonio Southeast Target
What are your key goals in 3 months, 6 months, 12 months?
3 Months:
Over the next three months the Company will have drilled half the expected 25,000 metres on surface on several key target areas capable or rapidly increasing the mine resource. The Company will have also accessed the main underground mine at the True North Project and completed initial rehabilitation work required to establish drill pad areas for underground drilling.
6 Months:
The Company will have commenced drilling in the underground mine in 2-3 key areas, based on an internal scoping (mine plan) completed by Eric Vinet and the recently hired senior mine engineer. Drilling on surface will continue in at least one priority area, based on our assessment that this area can be incorporated into near term (2 year) production plans. The Company will have also completed work on an updated resource at Ogama Rockland, 20 minutes from the mill infrastructure at the True North Project, historically containing a 43-101 resource of 337,000 ounces at 8 Au g/t. This shallow resource can be expanded and would likely form a future satellite deposit to feed the 1,300 tonne per day mill.
12 Months:
Internal scoping will be formed into a preliminary economic assessment and a new mineral resource estimate will be underway or substantially complete in this time frame. Restart plans for the project will be provided and opportunities for resource growth clearly outlined with drilling and development in the underground ongoing. Regional exploration is expected in at least two key brownfields project areas, within trucking distance to the mill.
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
Primarily the capital markets and access to debt and equity capital to fund the expenditures needed to develop and restart the underground mine. The remaining (low) risk specific to 1911 Gold is the ability to grow the resource to provide long term sustainable production beyond just the 1.1M Au ounces currently in resource and also identify additional regional opportunities and fund their exploration.
What do you think makes your company such a compelling investment?
1911 represents an opportunity to invest in an overlooked and undervalued company with a regional scall land package, permitted mill, three existing underground mines, and tailings pond worth in excess of $300M in replacement value. The Company is currently focused on its production restart plan and is advancing target areas both on surface and, by Q3 2025, in the underground mines to significantly expand the potential available mineable resource.
What are the top 3 key investor takeaways?
1911 Gold is continuing to trade at a discounted level despite the updated resource, new technical personnel, and an advanced, mine site focused drill program projected to total over 25,000 metres in 2025 (plus 8,000 metres expected underground). With the imminent re-entry into the underground mine and finalization of mining strategy in Q3, 2025, it is expected that 1911 will get additional recognition as a near term, gold producing opportunity.
The current consolidated land holdings, historically very fragmented and held by a number of small private companies and individuals, represents a significant, regional scale opportunity, with over 90km of strike length along the lower crust of the same structural feature that defines the Red Lake camp 100km to the east.
There continue to be strategic opportunities within the area to build and expand the production profile at the property, allowing a stepped path towards production growth within a 40 km radius of the mill infrastructure.