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well short term...
"The Company is now in the process of identifying a processing plant that will take the waste for processing; the Company is currently in negotiations with two plants, both in close proximity to the mine. The Company is also assessing the optimal way to load and transport the resource from the waste dump and aims to be able to report back on negotiations in December 2019." - it wont be mega bucks but it will add up.
Mid term.....
"The plan is now to develop the Gold Ridge Mine by generating cash flow from the operation and exploring for further upside, while at the same time assessing new projects as investment opportunities. All new opportunities will need to offer an opportunity to generate short term cashflow from the operations while offering additional exploration upside."
Longer term....
Exploration of the Cobalt licence is Auz they also mentioned potential gold on the licence.
Oil and Gas in Romainia? Exxon :) lol (i dont actually expect it to be Exxon but you never know, this is a new clean main market listing so it could just be the vehicle they need).
Unlikley but Possibility of the Uranium project being revisited.
Gold Ridge will never be the next Rio Tinto / Glencore style mega mine but it will bare some fruit, and its an owned asset under the belt that has an asset value, so it can always be sold off, and could be worth alot more when the mine is active.
good job MNRG managed to find some then.
"Our priority focus has been the last mined face on Level 6 at the Gold Ridge Mine. This sample returned 30.4 grams/tonne (g/t) gold (Au) and 69 g/t silver. The face shows the exposed vein with a width of 0.6 metres on a mined face of 1.3 metres. The vein consists of quartz with massive sulphide mineralisation. "
" All samples contained gold with a range of gold values from 0.05 to 6.5 g/t Au."
"Rolf Gerritsen, CEO of MetalNRG commented "I am pleased that our technical team have now safely completed the sampling of the pillars and reported back on schedule. We are extremely encouraged by these excellent results demonstrating that economic mineralisation remains in Level 6 and confirms that we are on the right path to achieving our goal."
"Property #2 - Arizona
Location and Access
The Gold Ridge Property is located in north central Cochise County in southeastern Arizona in the southern foothills of the Dos Cabezas Mountains, approximately 16-miles east-southeast of Willcox, Arizona.
Willcox is approximately eighty-five miles east of Tucson, Arizona and lies along U.S. Interstate Highway 10. Modern services and accommodations are available in Willcox and it is served by the Southern Pacific Railway.
The property lies on a County maintained gravel road about two and a half miles northeast of the settlement of Dos Cabezas.
Past Production
Gold production on the Gold Ridge Property was sourced principally from the Gold Prince mine. Two other mines exist on the property; the Gold Ridge and Dives mines, both saw only minor production.
The Gold Prince Mine produced 22,000 ounces of gold from multiple gold veins with grades averaging 0.344 ounces gold per ton (11.79 grams gold per tonne).
The mine was in production sporadically over a period 16 years between 1932 and 1996.
Gold prince has a total of 5,862 ft of underground development on 6 levels and ore-bearing veins are reported to average 3-to-6 feet in width, and dip from 50° to 75°.
Opportunity
Gold Mineralization on the Gold Ridge Property is described as “Mesothermal” which indicates that the vein system at the Gold Prince Mine may continue to considerable depth. This is a common characteristic of mesothermal vein systems worldwide.
The Gold Prince mine was only mined down 5 levels and development was just commencing on the 6th level when production stopped in 1996.
From 1986 until the mine closed in 1996 the mine was producing silica flux material (from the quartz vein) for the Hidalgo Copper Smelter, operated by Phelps Dodge. The gold was recovered as a byproduct in the smelting process.
Production at Gold Prince ceased when the copper smelter was shut down, not because the mine was out of ore.
Recovering precious metals from narrow, high-grade vein systems is Management’s specialty.
Since the Gold Prince mine has an extensive historic drill database (486 underground and surface drill holes totaling 27,774 ft), the company has access to an excellent opportunity to quickly and cost effectively identify additional minable mineralization.
Both the hanging and footwall sections of the vein system are stable and the mineralization is well suited for shrinkage stoping mining methods requiring minimal startup and sustaining capital expenditures.
It is management’s intention to confirm and extend mineralization at the Gold Prince mine and then acquire the necessary permits to commence test mining at an initial rate of 150 tons per day."
The "professional American miners" that paid $4.3m for Gold ridge before MNRG purchased it thought it was a good project with good potential, but they decided to focus on their flagship asset
" "The low price of gold back in the eighties forced the previous owners to move out of the property, but Nye’s interest was piqued by what was left behind.
“What we liked about that was that it had a lot of development done already. They had set up two drill stations underground and we went down and checked it out and they were both in good shape,” he explains.
“Both the drill stations were ready to go and drill below the level they were mining, so we thought there was a pretty good opportunity to start some bulk sampling or test-mining there on a near-term basis.”
This is exactly what Nye and his team look for when assessing potential projects.
“We’re after properties that we believe can get to a development or bulk sampling stage as quickly as possible because the investors who we’ve aligned ourselves with are looking for that kind of opportunity and we think we’ve found a couple of assets that fit those criteria.”
Given that it only acquired Gold Ridge at the back end of last year, not much additional work has been carried out at the property. The company’s primary focus has been on its flagship Winston property.
“We think it has more opportunities in terms of tonnage,” says Nye.""