Advancing Exceptional Nevada Gold Resources
This Golden Independence profile is part of a paid investor education campaign.*
As the old saying goes, to find a new mine you look in the shadow of an old or existing one. According to Golden Independence CEO Christos Doulis, “We are effectively in the shadow of an existing mine.”
Doulis is referring to Golden Independence Mining’s (CSE:IGLD, OTC:GIDMF, FRA:6NN) flagship advanced-stage Independence project in the prolific mining state of Nevada.
The Independence project hosts an impressive global historic resource estimate of 1,072,600 ounces of gold and is located entirely within the plan of operations of the Phoenix Mine operated by Nevada Gold Mines (NGM), a joint venture between two of the world’s largest gold producers, Newmont Mining (TSX:NGT) and Barrick Gold (TSX:ABX).
The project has seen over US$25 million in expenditures from previous operators, including the drilling of over 200 holes, numerous metallurgical bulk samples, as well as site permitting and development work, culminating in a 2010 historic resource of over a million ounces of gold. Since acquiring the project, Golden Independence has completed more than 25,000 feet of RC drilling in 36 holes which coupled with 56 RC holes not included in the 2010 resource will form the basis of an expanded NI 43-101 compliant resource for the project anticipated in Q2 2021.
As the Independence project sits entirely within the previously permitted plan of operations for the Phoenix mine, the permitting process is likely to be much faster with a potential time savings of up to a year relative to a similar greenfields project.
In a recent update, Doulis shared, “I think the greatest appeal of this project to me is the jurisdiction.”
Nevada stands unmatched as the top mining jurisdiction globally for Investment Attractiveness and Policy Perception, according to the Fraser Institute Annual Survey of Mining Companies, in 2020. The US alone currently sits as the fourth-largest gold producer globally, with Nevada accounting for over 70 percent of this production.
The company is currently focused on rapidly expanding the existing historic oxide resource and advancing it to heap leach production which could be permitted in as little as 18-24 months. Comparable projects can typically see such production after extensive years of development and permitting. The larger, higher grade sulfide resource at depth represents the future growth of the Company and is similar to the material currently being mined at NGM’s nearby Phoenix pit.
With a market cap of ~C$17M (60M shares at ~C$0.28/share), Golden Independence presents investors with an attractive valuation in relation to its peer comparables and with a private placement completed in April 2021, the company is well financed to continue developing the Independence property with working capital of around C$3 million.
Golden Independence’s Company Highlights
- Golden Independence is developing its Independence project in Nevada, located completely within the previously permitted plan of operations for the Phoenix Mine operated by NGM, a joint venture between Newmont Mining (TSX:NGT) and Barrick Gold (TSX:ABX).
- The 640 acre Independence property boasts excellent gold exploration potential, strategic positioning and a significant historic gold resource estimate.
- The project has a near surface historic oxide resource of 276,400 ounces of gold grading ~0.5 g/t Au and an additional higher-grade sulfide resource of 796,200 ounces of gold grading ~6.5g/t Au.
- Golden Independence has an option to earn up to a 75% interest in the project.
- The company recently completed a ~25,000 foot, 36 hole RC drill program, results of which will be combined with 56 RC holes drilled by previous operators but not included in the 2010 historic resource, to generate an expanded NI 43-101 compliant resource for the project anticipated in Q2 2021.
- As part of the recent drill program, the company had encouraging exploration success notably in hole AGEI-32 which returned 9.11 g/t gold and 25.2 g/t silver over 24.4 metres around 150m below surface in the oxides (ie likely captured in an open pit).
- CEO Christos Doulis has significant experience in mining finance, research and M&A.
Golden Independence’s Key Project
The Independence project consists of 640 acres 24 miles southwest of Battle Mountain, Nevada. The property leverages a unique strategic positioning, being entirely surrounded by the plan of operations footprint of the active Phoenix Mine. Golden Independence has the option to earn up to a 75 percent interest in the project through work expenditures.
The project hosts shallow low sulfidation epithermal gold mineralization, with a higher grade Carlin-style sulfide gold skarn at depth. Past expenditures by previous operators total approximately US$25 million, including over 200 drill holes, numerous metallurgical bulk samples as well as site development and permitting. This past work demonstrated Independence’s exceptional exploration potential in a 2010 report outlining a historic measured and indicated resource of 210,400 ounces of gold and an inferred resource of 862,200 ounces of gold.
In addition to the lower grade near surface oxide mineralization, higher grade material has also been found relatively close to surface and the company believes small scale historic mining exploited these near surface high grade zones. Historic higher grade holes, such as GM-128 which returned 155 feet grading 3.94 g/t gold including 5 feet grading 99.33 g/t gold, were not included in the 2010 resource but will be included in the upcoming Q2 2021 resource update as will hole AGEI-32, recently drilled by Golden Independence, which returned 9.11 g/t gold and 25.2 g/t silver over 24.4 metres in the oxides.
The project is already fully permitted for exploration and development drilling. The company intends on tabling an expanded NI 43-101 compliant resource for the project in Q2 2021 and advancing that resource to a PEA by the end of 2021. Concurrently, the company will be undertaking exploration and resource expansion drilling on the project which will likely result in a new resource update in late 2021 or early 2022. The company has already begun the permitting process for the project having submitted an initial proposed site layout for a heap leach mine to the BLM in February 2021.
Golden Independence is currently focused on the near surface oxide component of the project and advancing it to heap leach production but the company is also aware that the higher grade sulfide skarn at depth represents the next chapter of growth for the company. While more expensive to delineate and develop, the skarn’s proximity to an existing mining operation processing similar material (the Phoenix pit) represents a potential strategic advantage relative to similar “greenfield” deposits.
Golden Independence’s leadership combines decades of mineral exploration, resource development and mining finance experience.
Christos Doulis — CEO
Christos Doulis has over 25 years of experience in the metals and mining space, having held senior positions in the mining equity research and investment banking industry. He was an award-winning research analyst at Stonecap Securities and PI Financial from 2010 to 2015. Prior, Mr. Doulis was a partner at Gryphon Partners and VP of Investment Banking at TD Securities. Most recently, he served as the CEO for several exploration companies focused on Western Newfoundland.
Mr. Doulis holds a Bachelor of Arts in economics from Queen’s University and is a CFA charter holder.
Tim Henneberry, P.Geo. — President
Tim Henneberry is a professional geoscientist with over 40 years of experience in domestic and international exploration and production for base and precious metals and industrial minerals. He has been the president of Mammoth Geological Ltd. since 1991, providing consulting services to numerous publicly trading companies. Mr. Henneberry is also the current founder, director and senior officer of several TSX Venture and CSE listed companies.
Joel Leonard — CFO
Joel Leonard is a founding partner of JCL Partners Chartered Professional Accountants located in Vancouver. Mr. Leonard has developed an extensive background in finance and accounting with a focus on financial reporting and internal control implementation. He has spent the past three years consulting for publicly traded entities listed on various exchanges, including the NYSE, TSX, TSX-V and the CSE.
Mr. Leonard completed his Bachelor’s Degree in Business from Thompson Rivers University and later received his CPA designation from the CA School of Business.
Don McDowell — Director
Don McDowell currently sits as the founding president of America’s Gold Exploration and director and VP of Corporate Development of Timberline Resources. He is a former founding corporate & technical director for Ecuador Gold and Copper and a former president of Great American Minerals. Mr. McDowell is a uniquely qualified and experienced explorer with over 25 years of combined business, mineral exploration, project management and development experience with Nippon, Santa Fe Pacific Gold and Kennecott, focusing in Nevada and the Great Basin in Alaska, Ecuador and Central America.
Robert Mintak — Director
Robert Mintak has over 20 years of experience in corporate management, with a specific emphasis on strategic development and corporate governance. He has a global network of lithium industry contacts and is a pioneer in the rapidly evolving lithium space. Mr. Mintak was recognized as CEO of the top mining companies on the TSXV50 in both 2016 & 2018.
Duane Anderson — Permitting Manager
Duane Andersen has over 40 years of technical, regulatory and compliance experience in the mining industry, having most recently been a significant contributor in the permitting process for the HudBay Minerals Inc. Rosemont copper project in Arizona. Prior, Duane was part of the team involved in the permitting process for the Hycroft Mine in Nevada, containing a proven and probable reserve of 12 million ounces of gold and 481 million ounces of silver. He is the founder and principal of Duane Andersen & Associates.
*Disclaimer: This profile is sponsored by Golden Independence Mining (CSE:IGLD, OTC:GIDMF, FRA:6NN). This profile provides information which was sourced by the Investing News Network (INN) and approved by Golden Independence in order to help investors learn more about the company. Golden Independence is a client of INN. The company’s campaign fees pay for INN to create and update this profile.
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The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Golden Independence and seek advice from a qualified investment advisor.