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This is great to see; even though there’s no resource yet, knowing the recovery rate of metal from the ore is important early on. You want to know upfront what you’re dealing with; if recovery rates are strong and can support economic mining, you know you can proceed with further exploration, and also know it’s something majors will want to see.
There were previous column leach tests completed, but that was in the 1980s and after only a 19-day leach cycle, resulting in gold recoveries of 58.5% to 91%. Also, silver extractions were not reported. The current program will determine the leach extractions over a period of 3-4 months. Based on this previous data, management expects extractions of 70% to 90%. That’s economic ore.
VP Exploration Greg Hahn provides a little education about what they’re doing (emphasis mine).
Management submitted 429 kilograms of bulk material from two sample sites for testing at McClelland Laboratories in Sparks, Nevada. Results will be out after the new year.
The stock is flat to up as I write, this news something that may not excite investors but is a critical step. Good recovery rates will make it attractive to a major, assuming management can prove up a deposit. Bottom line, the company continues to make important steps forward that I believe will someday pay dividends. I remain overweight the stock, and it’s a buy if you like this story and want shares.
Courtesy of the Gold Stock Advisor
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