LONDON (Alliance News) - Bluebird Merchant Ventures Ltd on Wednesday said it will undertake further metallurgical test work at Kochang, South Korea, in April.
The Asian-focused resource development company expects the work to confirm the gold production process.
"Metallurgical test work is scientific work undertaken to determine the most efficient and economic means to recovery gold from ores," the firm explained, stating it is a "key component" of a successful mine.
By the end of April, Bluebird expects to know the most appropriate process to recover gold from Kochang.
Furthermore, the company said that preparation is underway for underground drilling at Kochang, to identify the structure and continuation of the three veins below the existing floor of the mine which is 150 metres below the surface.
Furthermore, the company continues to wait for news regarding the outcome of the application for the assisted drilling programme from South Korean government-owned company, Korea Resources Corp.
The company was invited to apply and therefore, said that "all indications thus far suggest a positive response will be forthcoming".
"We continue to advance in South Korea and the ongoing support of the South Korean government is most encouraging. We have a heavy work programme ahead where the team will be busy on the ground. As such I am expecting that there will be plenty of upcoming news for the market as we advance towards production," Chief Executive Officer Colin Patterson said.
Bluebird Merchant Ventures shares were 1.7% lower at 2.31 pence each on Wednesday.
Bluebird Merchant Venture (BMV)