GOLD POURS BEGIN IN MONTHS | Shaun Heinrichs - 1911 Gold

The Deep Dive Sep 24, 2026 10:29

Summary

1911 Gold plans to restart milling at True North by year-end 2026, with first gold pours in early 2027.

Test mining will use two crews producing ~200 tons/day, scaling toward 1,300-1,400 tons/day and 24,000-26,000 ounces in 2027.

An updated mineral resource estimate is due within 6-8 weeks (target: November 2026), incorporating three new mine-lease discoveries.

BC Securities Commission required a PEA re-issue because original wording read 'feasibility-like'; economics are unchanged.

Long-term run-rate target exceeds 50,000 ounces annually as crews scale to seven across four permitted mines.

First-pour catalyst: 1911 Gold plans to start test mining this fall, run the mill by year-end 2026, and pour first gold in the new year — the guest calls this the central 12-month milestone for shareholders.
Ramp-up math: two crews producing ~200 tons/day today, a third crew targeted in H1 2027 (~600 t/d), and a long-run goal of 1,300–1,400 t/day across seven crews; 2027 output aimed at 24,000–26,000 oz with a run rate pushing 50,000–60,000 oz.
PEA reset: the BC Securities Commission flagged the original PEA for over-confident wording on firm historical-mine costs, but the underlying economics are unchanged; a revised PEA is already out, an updated mineral resource estimate is targeted within 6–8 weeks (by November 2026), and a further PEA will fold in three new mine-lease discoveries plus the Ogon-Moroccan resource rather than jumping straight to PFS.
2026 drilling scale: ~4,000 m at Gama, >15,000 m of surface drilling around the mine lease, plus ~20,000 m underground, including two high-grade zones (710/711 and L10) that the company has now connected across a previously empty 250 m gap.
Execution-led de-risking: management is intentionally producing — not just drilling — to reconcile tons-to-resource, mine dilution and method effectiveness, even though 2027 output will be lumpy rather than steady-state.

Top takeaway Frames 2026 Beaver Creek sentiment as a flight to quality — investors still favor near-term producers with a clear 12–18 month path to permits and production, even with gold sideways on rate-driven volatility rather than a thesis break.
Presses 1911 Gold on accountability by raising the BCSC's PEA-wording issue and making real mine execution — not additional drilling — the implicit 12-month test for shareholders.