The key event in 2019 was the final closing in March of a US$1.1 million private placement that funded several advancements while fulfilling all company and project obligations. The company was also able to develop detailed drilling plans to expand mineralisation in the Mystery Hill (adjacent and NE of the Bullfrog pit) and Montgomery-Shoshone (MS) areas and test the new Paradise Ridge exploration target located one mile east of the Bullfrog pit.
Detailed geologic studies have confirmed that the Bullfrog area mineralisation and waste rocks contain very high alkaline and very low sulphide contents. Recent tests on ten samples also determined that the acid neutralization potential averaged 36 times greater than the acid generation potential. Furthermore, the water immediately under the Bullfrog pit is alkaline at a pH near 8. Thus, there are no acid mine drainage issues at the project.
In addition to meeting all company obligations, plans for 2020 have been fully funded by the mid-January equity raise of C$2 million and include the following programs:
- Complete before April a cultural/archaeological survey before drilling priority holes on Barrick lands. Update and expand other environmental and water-related studies.
- The MS and Mystery Hill deposits need more drilling to test potential resource additions and better define ultimate pit limits while meeting the final Barrick work commitment. For reference, the main Bullfrog deposit has been adequately drilled to design expanded pit limits. The company's new Paradise Ridge target area will also be drilled to the extent funds are available. Drilling is anticipated to start before mid-May with completion two months later.
- Perform minor earthwork in the Bullfrog pit to collect at least two additional bulk samples for column leach testing to further document the much higher recoveries from very fine HPGR product sizes and other tests by HPGR manufacturers needed for feasibility study and final engineering and design purposes.