Q4 results are out and the company still has $4.5 million in working capital (see results on Sedar).
Below are some updates from the recent management discussion.
The Company’s main activities are summarized below on the Projects:
As of December 31, 2022:
Miller Mine: Drill planning and permitting
• Historical Hole Jericho DD Hole # 1 -- 2.4 m at 516 g/t Au
Hole # 2 -- 1.5 m at 8.6 g/t Au
New Drill permit submitted and drilling on hold until approval received at Jonnie Gulch Adit
• Lower Level Development Portal security erected and completed
• Pumping Lower Level Down
• A gravity concentrate of the tails and mid tails have been sent to a third party for further
extraction kinetics and analysis. Awaiting assays.
Golden Jubilee Mine (100%): Drilling and additional permitting in progress
• A 10 hole drilling program using Reverse Circulation completed to follow up Phase 1
drilling. Awaiting Assays
• Previous 2014 Bulk mine development sample represented on vein + 100 m long and 2.0 m
wide which averaged 10,000 tonnes at a mined and processed grade of 9.00 g/t Au.
• Existing Decline development infrastructure and horizontal access of 200 m to an existing
vertical depth of 50 metres.
• Water Consultants for Mine Water Discharge Permit in progress.
• Existing plus 37 drillholes database indicating vein open along strike and down dip.
• A geophysical program has been partially completed to identify new targets and extension.
Monitor Copper /Gold Project: Transatlantic at 80% Joint Venture ownership with earn in option
to 100%
• The main targets to access and review further are the Big Elk with surface subcrop samples
of 30 % Copper in chalcopyrite and the Monitor/Richmond high grade 6-15% Copper
grades with associated gold in a Structural Vein target setting.
• Drill permit and Bond placed for Big Elk Drilling 12 month permit
Business Development: The Company advancing existing projects technically with new drilling and access to new reports.
On July 4, 2014, the Company entered an agreement with an unrelated third party (Andy Well Pty Ltd) to dispose of its Gnaweeda Gold Project, comprising interests in five tenements in Western Australia. Some milestone payments have been paid and reported previously. The Company is further entitled to receive AUD$250,000 for every consecutive 50,000 ounces of poured gold sourced from the property, capped at 200,000 ounces of poured gold for a total of AUD$1,000,000. On September 24, 2020, the Company closed the sale of U.S. Grant Mine and Mill and lease assignment for the Kearsarge Gold project (the “assets”) including the property and equipment located in the assets.
OVERALL PERFORMANCE / DISCUSSION OF OPERATIONS
Monitor Property
The Company has focused and now received the 12-month drill permits for drill programs and metallurgical testing of mineralized rock at the Big Elk Copper Prospect. At December 31, 2022, the Company has refundable performance bonds of $54,065. Drilling Contractors are being sourced for the Summer of 2023.
Miller Mine Gold Project
A new Winze has been identified on pumping down the Lower Level which will be part of a future sampling campaign once dry. The Winter has been set up with transporting the gravity table into the Lower Level of the mine to run the muds over it.
New drilling and sampling is planned on the Lower Level development once the Lower Level and Winze drive are pumped out and cleared.
Golden Jubilee Property
The Golden Jubilee Gold Project, had a 50 line and 50 metre spaced Geophysical Land Survey partially completed. This ground survey was undertaking IP (Induced Polarisation) and resistivity data collection of 5,000 line metres in total. To date, the initial data survey has identified new targets and extensions outside the current mine footprint to 1 kilometre in strike.
A follow up to the next stage of work will be completed once new assays are received and water permit received. Dewatering Discharge permits have been drafted for submission to the receiving government bodies.
Business Development
The Company continues its activities with focus on the Miller Mine, Monitor Mine and Golden Jubilee Property. In addition, reviewing technical considerations to evaluating other projects and to maximize the technical value of these high grade Gold and Copper Projects. The Company is reviewing surface diamond drill machines for future owner deep drilling and will utilize its own fleet and contractors as best resource which becomes available.
Bullish
