Borealis Mining Company Ltd (CVE: BOGO) (OTCMKTS: BORMF) (FRA: L4B0) has achieved a key milestone on the path to commercial production and potential mid-tier status.
At the Borealis Mine in Nevada, the company just poured its first gold and silver doré bars from freshly crushed material. The two bricks yielded 956.7 ounces. It comes from an inaugural crushing and heap leach program initiated by Borealis in June. Approximately 327,000 tons of material is being processed through the endeavour.
This pour differs from those completed last year in that the precious metals yielded do not come from old material left on the site by Gryphon Gold, the previous operator.
“We have poured gold in the past, but that was what’s called residual leaching, so basically washing the old leach pads” explained CEO Kelly Malcolm in an interview earlier this month. “This is our own internal genuine production and I’m really excited.”
The Borealis operation is fully permitted with required infrastructure in place. Record high gold and silver prices have enhanced optimism about the ongoing extraction initiative significantly.
“This pour represents the first genuine gold and silver production from fresh oxide material that Borealis has crushed, trucked to the leach pad and treated with cyanide,” said Chief Operating Officer, Andreas Steckenborn.
He explained that two years of labour went into making this happen. The next gold and silver pours from carbon columns will occur within the next fews weeks, Steckborn highlighted. The mining company leader says steady revenue should be on the horizon as a result heading toward the end of 2025 and into 2026.
The news follows Borealis securing over C$9 million in funding to help propel operations from share purchase warrant holders who redeemed their rights prior to expiration this month.
“We’re very pleased with the support shown from our existing shareholders through the exercise of these warrants, broker warrants and compensation options,” said Malcolm on Sept. 23.
It also follows the company expanding its Nevada footprint with the acquisition of Gold Bull Resources and its Sandman project earlier this year.
Peak production ceased at the Borealis operation in 1990 after over 500,000 ounces were produced. Small-scale gold production occurred during the time it was owned Gryphon Gold, but financial problems ultimately led to the mine being placed under care and maintenance in 2015 and nearly a decade of stagnancy.
Borealis plans to begin open pit mining and blasting on the property by the end of the year and aims to eventually produce 100,000 ounces per annum. About 5,000 will be churned out in the early months of 2026, the precious metals producer has estimated.
Borealis went public one year ago and raised C$16 million in a pre-IPO financing round last August.
Read more: NevGold Corp’s limousine Butte drill program targets first Gold-Antimony resource estimate
Follow Rowan Dunne on LinkedIn
rowan@mugglehead.com
