“Terraco acquired this property through the acquisition of Western Standard Metals about four months ago. For the last three months we’ve been putting together a drill program. We started it a month ago. The goal of the program is—through the use of core drilling, unlike the reverse circulation and rotary air blast drilling previously—to possibly improve the grade of the measured and indicated resource at Almaden which, including inferred, currently sits at 964,000 ounces gold.
“We love these recent assay results. Of course, in two drill holes we cannot extrapolate that under NI 43-101 across the entire resource. But we feel strongly, looking at grade thickness, that in the first two holes we were able to improve upon the orebody’s average of 0.7 g/t. We feel strongly that we’re on the right track to be able to improve the grade and the size of the deposit.
We feel strongly, looking at grade thickness, that in the first two holes we were able to improve upon the orebody’s average of 0.7 g/t. We’re on the right track to be able to improve the grade and the size of the deposit. —Todd Hilditch
“We’re only two holes in, and we’d have to probably get 30 or 40 more holes for the best representation to be able to come out with a new 43-101. We’ll continue to drill all the way through year-end at Almaden. We also plan on drilling on our property in Nevada—the Moonlight property, that adjoins the Spring Valley Barrick-Midway joint venture.
“The good news with Almaden is that the bulk of the deposit and the land package that surrounds it is private ground. I think it’s very appealling for a production scenario. Our VP Exploration, Charles Sulfrian, spent 23 years with Barrick and a tremendous amount of time at Goldstrike, which is the flagship. He’s very well attuned to what it would take to take this to production, and we do talk about it. So at this stage, it’s a little early to tell, as we’re on the exploration side, and we’re probably more likely to have someone else take it to development. But we do have the capabilities in-house if we wanted to.
“Idaho is great from a permitting standpoint—and that’s the first thing we looked at when we went to acquire the property. One of our board members, Rich DeLong, is a permitting expert and we feel very good about the permitting regime in Idaho. We are not sitting on a tributary, we’re on private ground. It’s a past-producing mercury mine of all things. Where we are in particular—and I can’t suggest that this is so for the entire state—but we think Idaho is a great place to do business.”
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