Borealis Mining Company (CVE: BOGO) has completed a second pour of gold and silver doré from its heap-leach operations at the Borealis mine in Nevada, advancing early-stage processing of stockpiled oxide material.
Announced on Monday, the Toronto-listed junior produced 42.83 pounds of doré, equivalent to 617 troy ounces, following its latest cycle of crushing and leaching at the fully permitted site near Hawthorne.
Preliminary indications suggest an approximately equal split of gold and silver, along with trace waste metals, though assay results are pending.
The latest pour comes as Borealis resumes full-scale production after more than a decade of limited activity. The company said it has now processed about 153,000 tons of oxide material, with metals continuing to absorb into the site’s carbon-in-column system.
Additional pours are expected before year-end. Furthermore, Borealis completed its annual stack testing, a regulatory requirement ensuring the plant operates within environmental standards, reporting full compliance.
In addition to operational updates, Borealis unveiled a package of equity-based incentives for management, staff, and contractors.
The program includes 2.3 million stock options and 158,500 restricted share units (RSUs) under the company’s long-term incentive plan. Options are priced at CAD$1.63 and carry a five-year term, while RSUs vest after one year. Shares issued through option exercise will be subject to a four-month holding period.
The Borealis mine is a historically producing open-pit heap-leach operation with more than 600,000 ounces of past gold output. The property includes leach pads, open pits, and a functioning ADR plant.
Read more: NevGold targets U.S. critical mineral supply chain with new antimony-gold find
Read more: NevGold Expands Gold-Antimony Potential at Limousine Butte in Nevada
Borealis is progressing Sandman project
The company cautioned that future expansion at Borealis would require permit modifications, with timelines dependent on regulatory review. A February 2024 NI 43-101 report by SRK Consulting confirmed the project’s existing federal and state permits for mining and processing.
Beyond the Borealis mine, Borealis is advancing the Sandman project, acquired through its purchase of Gold Bull Resources. Sandman, located in northern Nevada, has a 2021 NI 43-101 resource estimate and a 2023 preliminary economic assessment showing promising economics under higher commodity prices. Borealis’ board and management team include several industry veterans with experience founding and exiting North American mining companies.
Nevada remains one of the world’s top mining jurisdictions due to its rich geology, robust infrastructure, and stable regulations. Its Carlin-type gold belts host some of the highest-grade and most continuous gold deposits globally. Nevada remains one of the world’s top mining jurisdictions due to its rich geology, robust infrastructure, and stable regulations. Its Carlin-type gold belts host some of the highest-grade and most continuous gold deposits globally.
Major miners are well-established in the state. Barrick Mining Corp (TSE: ABX) (NYSE: B) (ETR: ABR0) and Newmont Corporation (TSE: NGT) (NYSE: NEM) (FRA: NMM) jointly operate Nevada Gold Mines, one of the world’s largest gold complexes. Numerous junior and mid-sized companies also target underexplored areas with high potential.
Meanwhile, NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) is broadening its Nevada portfolio beyond gold to include antimony. At Limousine Butte, NevGold has found significant antimony alongside gold, with metallurgical tests showing up to 92 per cent antimony recovery and minimal impact on gold yields.
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