Rambler Metals and Mining is getting ready to process their own ore.
George Ogilvie, president and CEO, said they started mining the Nugget Pond Crown Pillar in early May.
“We should be starting to process that in the next several days,” he said. “This will be Rambler’s first ore from its own ore bodies.”
The mining company has processed ore for other mining companies through toll milling agreements.
The Crown Pillar was left behind from its previous owner because it wasn’t economically feasible to extract the gold.
However, since prices have skyrocketed to nearly $1,500 an ounce, “suddenly now the profit margin on that is looking quite attractive for us.”
There is roughly 10,000 tonnes of ore waiting to be processed, said Mr. Ogilvie.
“For 10,000 tonnes to go through the mill, we’ll average about 350 tonnes per day. So that will take about 30 days to process.”
The ore will be processed at Rambler’s Nugget Pond facility.
Mr. Ogilvie said roughly 1000 ounces of gold will be processed from the 10,000 tonnes of ore, and if gold maintains its current market price, Rambler could generate $1.5 million in revenue.
Mr. Ogilvie said once that ore is processed, they’ll move onto their next satellite deposit on their Tilt Cove east mine project.
“There’s 50,000 to 80,000 tonnes stockpiled there that we want to start putting through the mill starting in mid June,” he said. “That should take use through mid August, when hopefully the Ming Mine is ready to start sending its ore to the mill.”