Hecla Mining (HL)'s Aurora Mine & Mill which is currently on care & maintenance is 7.25 miles away from Borealis Mining (TSXV: BOGO). It may be possible in the future for BOGO to work out an agreement with HL, where BOGO could potentially float their high-grade sulfides there.
BOGO's ADR plant can support maximum production of up to 60,000 oz of oxide gold per year but BOGO's CEO is taking a very cautious approach to returning the Borealis Mine to production. They could enter production within a week if they wanted to, but Gryphon Gold the previous owner of the mine cut corners and never did a full feasibility study they only did a pre-feasibility study, and BOGO's CEO doesn't want to take any unnecessary risks and enter production too quickly and potentially lose money. He will be leaning heavily on their experienced Board of Directors before making a decision to enter production, although he hopes to do so within the next year.
Recently, BOGO began drilling new holes targeting the high-grade Graben Gold Deposit. Initial assays are pending.
BOGO's gold resources aren't yet 43-101 compliant and we can't discuss historical gold resource estimates. You can choose to look at Gryphon Gold's prefeasibility study from 2011 on your own. Total reported production since Gryphon Gold's prefeasibility study in 2011 has been about 125,000 oz, but there were allegations in the documentary 'Dark Pond of Money' that Waterton may have secretly produced more than what was reported and hid the gold in the pond to help accelerate Gryphon Gold going bankrupt so that Waterton could gain full ownership of the mine.
Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. NIA has received compensation from BOGO of US$100,000 cash for a twelve-month marketing contract. This message is meant for informational and educational purposes only and does not provide investment advice.
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