Giant Mining Corp. (CSE: BFG) has concluded its Majuba Hill copper-gold-silver project’s reclamation permitting process with Nevada authorities — a crucial achievement.
Nevada’s Department of Conservation & Natural Resources approved the company’s reclamation cost estimate last week. Now, Giant Mining can break ground on up to 25 acres. This type of cost estimate determines the amount of funding required to restore the land after it has been mined. In this case, it will cost about C$240,000.
“The approval of our reclamation bond is a significant milestone for the Majuba Hill exploration project,” chief executive David Greenway said. “We are excited to advance our exploration activities in one of Nevada’s most promising mining districts.”
Giant Mining will now be starting a 3,900-metre reverse circulation drill program at the site. The company will use funds from a recent C$1.2 million private placement for the campaign. A copper analysis program will also be undertaken to enhance understanding of geological characteristics at the operation.
The copper and precious metals miner listed its shares on the OTC markets last month.
Giant Mining Corp. Begins Trading Under New US Symbol “BFGFF” 🏔️
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— GIANT MINING CORP. $BFG.c (@GIANTMINING) May 3, 2024
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Giant Mining reviews progress made since 2020
During the year COVID broke out, the company completed a series of surveys and drilling, which identified some promising targets. The following year, two additional copper targets were discovered.
Then in 2022, Giant Mining completed its most significant drill program to date and intercepted unprecedented lengths of copper mineralization. The longest of which consisted of 0.25 per cent copper equivalent over more than 346 metres.
“The strategic exploration initiatives we’ve implemented over the past few years at Majuba Hill are bearing fruit,” Greenway said in May, “as demonstrated by our impressive drilling results and the expansion of mineralized zones.”
Shareholders might not share Greenway’s optimism though. The company’s stock went from being valued at C$3.20 last June to C$0.75 on Tuesday.
Nevada is one of the world’s best mining jurisdictions. The state produces about 75 per cent of United States gold and earned its nickname “the Silver State” because of that precious metal’s historical and economic significance.
It is home to major open-pit operations run by companies like Nevada Gold Mines and Calibre Mining Corp (TSX: CXB) (OTCQX: CXBMF). The Silver State also hosts exploration-stage precious metal operations like the Keystone project run by U.S. Gold Corp. (Nasdaq: USAU).
Other operators focused on copper in Nevada include Faraday Copper Corp. (TSX: FDY), which operates the Contact Copper project in the northern section of the state; and Nevada Copper (TSX: NCU), owner of the Pumpkin Hollow operation south of Reno.
Calibre Mining and U.S. Gold are sponsors of Mugglehead news coverage
rowan@mugglehead.com
