Founders Metals stock surges to new high on Antino drill results
The new results are highlighted by another high-grade interval of 6 metres at 5.31 g/t gold.
Construction of the Gold Bar mine near Eureka, Nevada is on time and on budget. Owner McEwen Mining of Toronto says the first gold pour will happen this month, and the $81.4 million budget has not increased. Commercial production is expected by the end of Q1 2019.
McEwen has placed about 136,000 tonnes of ore on the leach pad, and anticipates producing 55,000 oz. of gold this year at an all-in cost of $975 per ounce. Output will average 62,800 oz. per year over a 7.4-year life.
Heavy snow and cold temperatures made December and January challenging for work at the site. Electrical work, instrumentation installation, and commissioning of the gold refinery circuit remain to be completed at the process plant.
Exploration drilling continues, and the company plans to add the resources at Gold Bar South, giving the project an extra year of life. The 2019 exploration budget is $4.4 million.
This story first appeared in Canadian Mining Journal.
