Highlights from 4th Qtr 2016 Surface Drilling
SURDH #6: 8.9 ft. {2.8 m} true width at 0.564 ounces per ton [opt] / {19.3 g/t} gold equivalent [Au Eq.]
Includes; 2.8 ft. {0.85 m} at 1.07 opt / {36.8 g/t} Au Eq.
SURDH #1: 5.9 ft. {1.8 m} true width at 0.357 opt / {12.2 g/t} Au Eq.
SURDH#5: 6.9 ft. {2.1 m} true width at 0.203 opt / {7.3 g/t} Au Eq.
Includes; 2.1 ft. {0.65 m} at 0.493 opt / {16.9 g/t} Au Eq.
While thickness varies, ample historical data on the greater Alder Gulch district, reference vein widths of 3 to 6 feet (0.9 to 1.8 m). Yet, the Company’s surface drill program, 6 assays {4 pending}, & historical drill hole DDH USG-88-2, have an average true width of 6.6 ft. (2.0 m).
Like at Australia’s Northern Star Resources (ASX: NST), TCO management’s goal is to build TCO into a robust portfolio of top quality assets. From 2010-2014, CEO Bernie Sostak and Chairman Ray Parry were key executives in that Australian-listed company. Shares traded for nickels when Bernie joined, up to ~A$1.50 when he departed to join TCO full-time. Bernie and Ray sourced targets, evaluated, negotiated and integrated acquired assets.
Both Ray and Bernie played important roles in structuring the transactions. They were part of a team that helped grow production from ~50,000 ounces/yr to ~600,000, during which time the market cap soared from well under A$ 100 M to ~A$ 1.4 billion. Bernie and Ray are deploying the exact strategy at TCO, acquiring high-grade, high-margin projects, with low technical risk, relatively modest capital requirements and strong expansion potential in safe and proven mining jurisdictions.
Rome wasn't built in a day-- first main goal is cash flow positive and ramp up to 5,000 Au Eq. ounces/yr. run-rate.
Management is actively pursuing multiple acquisitions that would be structured with minimal upfront cash.