Cantango expands Alaska portfolio with HighGold acquisition
US-based Cantango has solidified its footprint in Alaska with the recent acquisition of TSX-V-listed HighGold Mining. This move adds a third high-quality Alaska deposit to Cantango’s portfolio, setting the stage for significant growth in gold production over the next five years.
CEO Rick van Nieuwenhuyse on Wednesday outlined the company's plans to ramp up production from its Alaska projects, aiming to achieve 200 000 oz/y of gold equivalent within the next five years.
The acquisition of HighGold, particularly its flagship Johnson Tract project, plays a key part in the expansion strategy.
The Johnson Tract project is poised to benefit from Cantango’s direct shipping ore (DSO) model. This approach involves developing high-grade mines and transporting ore to existing, permitted processing facilities. By leveraging this model, Cantango aims to minimise environmental impact, reduce permitting risks, and lower capital requirements necessary for commercial production.
“We believe this is a unique model and a right fit for these continuing challenging capital markets for miners,” said Nieuwenhuyse.
Cantango, which has a shareholding in Kinross’ Manh Choh mine, will use cashflow from the operating asset to create value for the Johnson Tract project and advance it through to production.
“With the Manh Choh project now in production, the Lucky Shot and Johnson Tract projects provide a solid portfolio for growing gold production using our unique DSO model,” said Niewuwenhuyse.
Johnson Tract is a polymetallic (gold/zinc/copper/silver/lead) project located near tidewater, 200 km south-west of Anchorage.
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