Masuparia Gold (TSX-V:MAS, StockForum), a Vancouver-based mineral exploration firm focused on grassroots projects in Saskatchewan, announced today that the company intended to sell poured gold in order to finance drill programs at the Greywacke North section of the Greywacke Lake project.
Currently Masuparia is in 50% share joint venture with Golden Band Resources at Greywacke and has made it known that an estimated 1,121.25 troy ounces of gold, obtained from a bulk sample milled in September, is now available for sale.
A further 145.45 troy ounces will remain in the mill circuit so that the company can apply it to future sales.
The company's news release added, “1,361 tonnes of the bulk sample remain in the stockpile at the mill and will be processed in conjunction with other ores. Based on the average gold grade and recoveries obtained from the bulk sample of 6.87 g/t and recovery of 94.3%, an additional 141.5 troy oz. will report to the account of Masuparia bringing the total credit to 1,408 troy oz. of gold.”
Masuparia's share of the gold is being held at the refinery until the company provides sale and delivery instructions.
Masuparia was in the news recently when the company reported on the most recent Greywacke samples at the end of October.
Shares jumped 58.33% on the news to $0.095 per share.
Currently there are 23,474,373 shares outstanding with a market cap of $2.23 million.