Borealis Mining Company Ltd (CVE: BOGO) (OTCMKTS: BORMF) was pleased with new core assay results from its flagship mine site in Nevada’s Walker Lane trend this week.
Most significantly, 4 grams per tonne gold over 21.3 metres, within a 99.1 metre core containing 2.25 g/t Au. Also, 1.58 g/t Au in a 45.7 metre interval. The new drill results come from the Borealis Gold Project’s Graben deposit.
“We’re very pleased to see large widths of strong grades of gold,” chief executive Kelly Malcolm said. “These intervals confirm and expand upon known historical results which indicate a large body of near-surface gold mineralization.”
Malcolm added that the company team would be returning to the Graben deposit area early next year to for additional drilling and sampling. The aim will be to further delineate the extent of that near surface body, primarily to the north.
Borealis is the first mining company to complete drilling at the operation since 2011. Currently, a 3,500 metre drill program is underway. VP of Exploration, Iain Campbell, says the site hasn’t seen any serious exploration since the 1980s.
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Nevada is world’s 2nd best mining jurisdiction
That is according to the Fraser Institute’s most recent Annual Survey of Mining Companies report released in May. Utah is currently top dog.
“Nevada has ranked consistently in the top 10 over the last 10 surveys,” the Canadian think tank said.
Eighty-two per cent of survey respondents in the mining industry feel that obtaining necessary permits in the state is easier than anywhere else. They say it generally takes less than half a year to get them in order for new projects.
The state’s vast gold reserves, combined with the high price of the yellow metal, have made Nevada an attractive destination for companies like Borealis.
In the Battle Mountain – Eureka gold trend, the favourable industry climate recently prompted Calibre Mining Corp (TSE: CXB) (OTCMKTS: CXBMF) to complete an extensive heap leach pad expansion at its Pan Mine. This has significantly enhanced the operation’s ore processing capabilities.
Gold just fell to a two-month low, but it has been climbing since February.
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