The Copperstone mine land package remains underexplored within a 50 square kilometer area, represents potential to grow the current resource and proven a probable reserve. Arizona Gold is maximizing that potential through a targeted two-phased drill program. The Phase 1 drill program completed in 2019 demonstrated the high-grade nature of the gold mineralization at Copperstone with step holes that indicated higher grade and thickness than initially anticipated with one drill intercept returning 16.8 meters of 40.0 g/t gold, including 3 meters of 98.26 g/t gold.
Arizona Gold raised C$3.9 million and plans to commence a Phase 2 drill program of up to 10,000 meters in 2020 for purposes of extending the current mine life while also testing the exploration upside and the multi-million ounce potential of the Copperstone. Additionally, the company plans to conduct advanced detailed engineering and project optimization which is expected to further enhance the mine’s economics.
Arizona Gold’s management team is stacked with proven mining professionals and capital market veterans experienced in creating shareholder value at all stages of project development which includes Giulio Bonifacio who was the founder and CEO of Nevada Copper from 2005 to 2018 until his retirement which in 2019 completed construction of the first copper mine in the United States in the past decade.
Arizona Gold’s Company Highlights
- Fully permitted, near-production gold mine in premiere mining jurisdiction of Arizona.
- Existing mine infrastructure representing over US$80 million of value reduces capital for the restart of operation to less than US$20 million.
- Aiming to commence commercial gold production at a rate of 600 tpd to produce up to 40,000 ounces of gold within 12 months of concluding a project funding package.
- Advanced metallurgical testing program with plus 95 percent recovery.
- Considerable resource and reserve upside to further optimize project economics and mine life.
- Commencing Phase 2 of well-funded resource expansion and exploration program.
- Management with proven technical expertise in optimizing mines and achieving profitability.
- Tight share structure with 35 percent held by directors and insiders; 36 percent held by family offices and funds.
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View original content: https://www.newswire.ca/en/releases/archive/June2021/28/c6889.html 