Having completed a resource estimate of the six main deposits at its Borealis project in western Nevada,
The most recent estimate pertains to the Northeast Ridge target, which contains 3.3 million tons grading 0.021 oz. gold and 0.11 oz. silver per ton, equivalent to 71,000 oz. gold and 295,000 oz. silver.
The entire Borealis deposit is believed to contain 30.9 million tons averaging 0.045 oz. per ton, or 1.38 million oz. gold and 6.4 million oz. silver. Most of the mineralization is in three zones, dubbed Borealis, Polaris and Freedom Flats.
“Now that the resource evaluation of Borealis is complete, we can prepare a plan for developing these zones by doing economic studies of the deposits and preparing drilling plans and budget,” says Michael Fitzsimonds, president of Golden Phoenix. “This information will be used in a feasibility study to support future mining plans.”
The company is seeking a partner to help it develop the property. In the meantime, it will evaluate the potential of several areas around the main deposits. Previous drilling encountered gold mineralization in the Bullion Ridge, Cerro Duro, Jaimes Ridge and Purdy’s Peak targets.
The company will look into reworking existing leach pads on the property for the potential for residual gold. Borealis contains 10.7 million tons of reclaimed leach pads from operations during the 1980s.
Elsewhere in Nevada, Golden Phoenix is evaluating the Banner zone at the Contact copper-silver property, north of Elko.
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