Toronto’s precious metals company Borealis Mining Ord Shs (CVE: BOGO) completed the first gold pour of the year at its primary Nevada mine site this week.
This was completed at an adsorption, desorption and recovery (ADR) facility on-site at the company’s flagship Borealis Mine. These facilities are particularly useful for extracting gold from low grade ores. They are used in the final precious metal recovery stages.
The first bars weighed in at approximately 651 ounces. Therein, they consist of about 22 per cent gold and 20.2 per cent silver.
Borealis completed three gold pours in February, June and August last year. In 2024, the first one didn’t occur until H2.
This project is an open-pit heap leach operation that has produced over 600,000 gold ounces during its lifespan. Historical drilling at the site has yielded significant mineralization over substantial lengths. Most notably, 16.1 grams per tonne gold (Au) over 67 metres and 10.7 g/t Au throughout 24 metres.
“Borealis is unique to many of our peers in the junior exploration sector, in that we are revenue generating and control a fully permitted mine and ADR facility,” chief executive Kelly Malcolm explained.
Rob McEwen currently holds a 16 per cent stake in Borealis. Other major shareholders include Eric Sprott, Equinox Partners and Lowell Resources Funds.
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Background
The Borealis gold project is an open-pit heap leach gold mine in Nevada located 26 km from the town of Hawthorne in the prolific Walker Lane Trend. Historically, the mine produced ~625,000… pic.twitter.com/CabvgWHGLr— Jay Rai (@jrai10_) August 7, 2024
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More specifically, a 330,000 ton stockpile of ore. This will ultimately yield a significant quantity of gold for Borealis upon completion.
According to the company’s latest presentation, the plan is to produce about 100,000 gold ounces per annum for the next two years at the mine. A 3,500-metre drill program is currently underway on the property.
The Borealis Mine sits in central Nevada’s Walker Lane trend, about two hours from Reno. It was previously owned by Gryphon Gold, which went bankrupt in 2013.
Major operators in the surrounding area include Hecla Mining Company (NYSE: HL), which runs the neighbouring Aurora project; Calibre Mining Corp (TSE: CXB) (OTCMKTS: CXBMF); and Kinross Gold Corp (TSE: K).
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rowan@mugglehead.com
