Tiernan Gold (TSXV: TNGD) expects to begin trading on the TSX Venture Exchange as soon as Friday after completing its qualifying transaction, parent company Hochschild Mining (LSE: HOC) said Wednesday.
The company, formerly Railtown Capital, plans to advance the Volcan gold project in Chile’s Maricunga belt, a planned large-scale open-pit, heap-leach development. Volcan hosts 463.3 million tonnes grading 0.66 gram gold per tonne for 9.8 million oz. in measured and indicated resources at the Dorado West deposit.
Chief executive and director Fausto Di Trapani said the listing marks a major milestone that positions Tiernan to pursue disciplined de-risking and long-term value creation through defined technical steps. He said the company is entering public markets with a strong balance sheet and a high-quality asset in a prolific gold belt.
Volcan was advanced by Andina Minerals, which drilled more than 150,000 metres from 2007 to 2011 and completed a 2011 pre-feasibility study outlining potential output of 4.3 million oz. over a 15-year mine life.
After acquiring Andina in 2012, Hochschild re-logged core and updated the geological model at Dorado West, then commissioned Ausenco Chile to prepare a preliminary economic assessment updated in July. The study forecasts average annual production of 332,000 oz. gold in the first 10 years and 3.8 million oz. over the mine life.
Hochschild holds 33.3 million Tiernan shares for 69.8% of the company on a non-fully diluted basis and about 61.9% on a fully diluted basis.
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