Junior Geomaque Explorations (TSE) raised $10.4 million from a recent share offering, most of which will be used to bring its Mexican gold property into production.
Situated in Sonora state, the San Francisco project is expected to produce roughly 933,000 grams (30,000 oz.) per year by heap-leach methods. The target date for startup is 1995.
The company has completed half of a 4,000-metre definition drilling program in the Main and North pit areas. Assays from 11 of the 39 holes confirm “the presence of additional ore-grade mineralization within the planned pit limits,” Geomaque reports.
New ore-grade values were encountered outside the planned pit as well. In other news, the company’s shares are now listed on the Toronto Stock Exchange (trading symbol: GEO).
Be the first to comment on "Geomaque works San Francisco play"