Drill Results Yield High Grade Gold, Project Expansion, Potential M&A - Borealis Mining (BOGO.v) on the KE Report
Joining the KE Report, Borealis Mining's (BOGO.v) President & CEO Kelly Malcolm detailed the latest results from its 3,500m drill program which revealed 'headline numbers of over 4 g/t gold over 21 meters and 2.25g/t gold over 99 meters'
Drill Results and Groin Deposit
- Drilling Highlights: 4 g/t gold over 21m and 2.25 g/t gold over 99m from the Groin deposit.
- Background: Historical sulfide mineralization below oxides with high grades and a historical (non-compliant) resource of over 800,000 oz of gold.
- Future Plans: Validate and expand the resource through drilling. Conduct metallurgical testing and potentially mine underground using existing permits.
Production Strategy
- Short-Term Goal: Resume oxide heap leach production and generate free cash flow.
- Residual heap leaching in progress with regular gold pours.
- Stockpile of 330,000 tons to be crushed and added to the pad for production ramp-up.
- Long-Term Goal: Develop sulfide resources like Groin, 2–4 years down the line, after establishing cash flow.
Resource Updates and Exploration
- Resource Update:
- Sufficient historical data exists but needs confirmatory drilling.
- Likely to update after regional exploration adds significant new ounces.
- Exploration Campaigns:
- Regional drilling planned for summer 2025, focusing on oxide expansion.
- Eight historical pits across two main trends (Borealis and JR/CD).
Expansion and Land Staking
- Land Expansion: Added 3.5 square miles east of the project, now totaling ~26 square miles.
- Significance: Newly acquired land contains promising oxide mineralization with high-grade grab samples and drill results.
- Plan of operations to begin in spring 2025 for future drilling.
- Neighboring Projects: Headwater Gold (partnered with Newmont) exploring nearby and Hecla's Aurora Mine offers the only permitted mill with wet tailings in the area.
Financial Position
- Healthy cash position with revenue from ongoing gold pours.
- Financials as of July 31, 2024, to be released soon.
M&A Strategy Focus
- Nevada-based projects with 500,000–1,000,000 ounces and near-term mining potential.
- Target undervalued assets with high-margin, low-capital requirements (<$50M capex).
- Strategy aims to acquire multiple smaller assets for diversified cash flow and reduced single-asset risk.
Upcoming News
- Additional drill results expected before year-end.
- Updates on gold production and potential M&A deals.
Strategically positioned to expand oxide and sulfide resources, ramp up production, and execute a unique M&A approach to build a robust portfolio in Nevada, BOGO stands as a unique opportunity in the gold market.
For more information on the latest drill highlights, refer to this summary: https://x.com/StckMasterFlash/status/1856830402859864378
Posted on Behalf of Borealis Mining Company Ltd.