- CMC Metals (TSXV:CMB) reveals positive results from a metallurgical/brevity recovery testing run of mine ore from the Mount Vernon Gold Mine in California
- Results indicate promising concentrations of gold, platinum and silver
- These results also support the viability of using CMC Metals’ Bishop Mill for ore processing
- Shares of CMC Metals are up 25 per cent to C$0.025 as of 9:30 am ET
CMC Metals (TSXV:CMB) reveals positive results from a metallurgical/brevity recovery testing run of mine ore from the Mount Vernon Gold Mine in California.
In a news release, the company stated the results indicate promising concentrations of gold, platinum and silver and that they also support the viability of using CMC Metals’ Bishop Mill for ore processing.
The Mount Vernon Gold Mine is operated by North Bay Resources (OTC:NBRI) of which CMC Metals has previously acquired 1.12 billion common shares, representing a 16.05 per cent interest in North Bay Resources.
The shares were acquired as a part of the agreement between North Bay Resources and CMC Metals where North Bay acquired 55.5 per cent of CMC’s gold processing mill in Bishop, California.
“We are very pleased with the significant advancements [North Bay] have made with regards to advancing the mill commissioning and secure high-grade ore sources,” Kevin Brewer, CEO of CMC Metals, said in a statement. “Our company is working closely with [North Bay] with the aim to advance production at the mill that will be highly beneficial for … shareholders.”
With mine and mill start-up underway, CMC Metals has begun testing the on-site metals furnace and related equipment at the Mill to upgrade concentrate into and pouring doré bars and producing platinum buttons for shipment to the metals refinery in Reno, Nevada.
CMC Metals is focused on opportunities for high-grade polymetallic deposits in British Columbia, Yukon and Newfoundland.
The company’s flagship project is the Silverknife Property in the emerging Rancheria Silver District while its other projects include the Amy project in B.C. and the Silver Hart Deposit/Blue Heaven claims in Yukon.
Shares of CMC Metals are up 25 per cent to C$0.025 as of 9:30 am ET.
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(Top image: CMC Metals)