The company completed a test mine in 2009 on one of the seven alluvial deposits at Chandalar and commenced its first step in commercial production in 2010, producing approximately 1,500 ounces of gold. The deposit contains approximately 10.5 million cubic yards at an average grade of 0.025 ounces gold per cubic yard (1) and is open for expansion with further drilling.
In 2011 Goldrich focused its efforts on drilling lode prospects in an effort to begin grasping the bulk tonnage, open-pit potential at Chandalar. The successful drilling program has identified further prospects to conduct a larger, more aggressive diamond core exploration program in 2012. Goldrich is working to build a world-class resource at Chandalar.
(1)This mineralized material is not a mineral reserve as defined in SEC Industry Guide 7.
- Targeting district-scale, multi-million ounce resource potential- (48 to 64 million ounces)
- Results-oriented management and directors team- 400 years of combined experience
- 100% control of Chandalar Gold district- historical production of more than 85,000 ounces gold
- Downside protection- alluvial production while lode 'source' targets are developed
- 2010 production- 1,522 ounces gold and 259 ounces silver at Little Squaw Creek Mine
- First ever drill program at Chandalar- drilled 25 holes spanning 4,000+ meters
- Tested six prospect areas- 4 km trending belt of gold showings
- Uncovered numerous mineralized zones- 56 intervals contained 0.5 g/t gold or greater
- Drilled two high-profile prospects- 6.57 g/t over 1.5 meters at Aurora prospect and 6.02 g/t gold over 2.1 meters at Rock Glacier prospect
- Completed geochemical grid survey- over 1,500 samples taken
- Flew airborne magnometer survey- identified series of anomalies over prospect areas
- Added to land position- Staked additional 25,600 acres of Alaskan state mining claims to bring total land position to 48,440 acres
2010 ALLUVIAL PRODUCTION