Lexam VG Gold has projects in the Timmins area of northern Ontario, Canada, the second largest gold producing region in the western hemisphere.
Core projects are four properties with developed gold deposits, located in the heart of Timmins Gold Camp, next to large gold mines owned by Goldcorp: Buffalo Ankerite (100% interest), Fuller (100% interest), Davidson Tisdale (68.5% interest) and Paymaster (60% interest).
The Company has corporate headquarters in the Toronto financial community and exploration and operations management office in Timmins. Lexam VG Gold trades on the Toronto Stock Exchange (TSX:LEX), the Frankfurt Exchange (FWB:VN3A) and in the United States (OTCQX:LEXVF). Formed on January 1, 2011 by the merger of Lexam Explorations Inc. and VG Gold Corp., Lexam VG Gold is a company with 27% ownership by Chairman Rob McEwen.
Lexam VG Gold updated NI 43-101 compliant mineral resources on the core projects in 2013, delineating open pit resources from underground resources. In consideration of the proven potential along strike and at depth of the Timmins gold deposits, the Company's core projects continue to present significant opportunities to increase the resource base.
In 2014 Lexam VG Gold completed a
preliminary economic assessment on open pit structures of the core projects. Recommendations included
further investigations at the level of project optimization and prefeasibility studies and additional exploration to expand the mineable open pit structures.
In addition to mineral resources that are adequate to economic extraction by open pit mining methods, Lexam VG Gold's underground resources add to the economic potential in an area with a long history of profitable production from underground mining.
The Company currently explores Teefy property, a new project located 60 km northeast of the city of Timmins, with intriguing geology and potential for new gold discovery. Permitting, induced polarization mapping and diamond drilling have been scheduled for the remainder of 2014.
Lexam VG Gold undertakes ongoing exploration programs designed to expand the gold mineralization and to increase the resource base, with the objective of identifying economic gold deposits on its projects.