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Quartermain says the company could put Brucejack into production itself. But the prospect of a high-grade Canadian gold deposit that’s in a region known for past-producers like Barrick’s Eskay Creek and the Silbak Premier mine, will likely attract covetous eyes. “I think we’ll continue to be on the radar screen of the major mining companies and if there’s interest expressed that’ll reward our shareholders, it’s always something we’ll look at.”
Golden Reign’s announcement followed 15 months of drilling around the historic San Albino Mine. Using a 0.5 gram-per-tonne cutoff, the open-pit resource shows:
- an indicated category of 247,000 tonnes averaging 9 g/t gold and 10.8 g/t silver for 71,000 gold ounces and 86,000 silver ounces
- an inferred category of 682,000 tonnes averaging 8.25 g/t gold and 10.7 g/t silver for 181,000 gold ounces and 234,000 silver ounces
Using a 1.5 g/t cutoff, the underground resource shows:
- an indicated category of 101,000 tonnes averaging 6.59 g/t gold and 9.7 g/t silver for 21,000 gold ounces and 31,000 silver ounces
- an inferred category of 2.69 million tonnes grading 7 g/t gold and 10.6 g/t silver for 605,000 gold ounces and 912,000 silver ounces
The company stated that all mineralized zones remain open at depth and along strike in both directions. Drilling has so far taken place within 0.6 square kilometres of the two-square-kilometre area around the San Albino Mine. The historic mine forms part of a 138-square-kilometre property package.
Obviously the market likes the way we’re de-risking the project and certainly reacted positively today.—Pretium Resources president/CEO Bob Quartermain
Another recent achievement, announced October 31, involves the purchase of the remaining 20% of San Albino-Murra. The company had already earned the initial 80% a year and a half ahead of schedule.
Speaking to ResourceClips last March, Golden Reign president/CEO Kim Evans spoke highly of Nicaragua as a mining jurisdiction. “We’ve had nothing but great experiences and work very closely with the mining ministry and all the different mining groups. It is a very pro-mining country and a very good place to be doing business. It is the safest country by far in Central America.”
San Albino’s maiden resource sent the company’s stock more than 15% higher than its November 19 close of $0.52. Shares opened November 20 at $0.56, reached a high of $0.63, then closed at $0.60. With 68.89 million shares outstanding at press time, Golden Reign’s market cap totalled $41.33 million.
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