Leaching operations have commenced at Fury Explorations’ Grantsville project near Gabbs, Nev. This particular project is silver — not gold — and the company expects to produce approximately 165,000 oz per month by year-end.
Current reserves total 800,000 tons grading 4.3 oz silver and potential exists to expand this from two other geological targets. The first target involves the strike extension of the present silver mineralization and the second, a larger caldera with associated gold and base metals in sulphides. The company expects to fund these ongoing developments from cash flow.
Production costs are expected to average $3 per oz because of open pit mining and unusually high recoveries from heap leaching. Mining and crushing are being done by Peter Kiewit and Sons which has reduced capital costs.
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