May 8 2014
TriMetals Mining Inc., a gold stock, is pleased to announce that it has contracted a drilling company to restart reverse circulation drilling at the Gold Springs gold-silver project in mining friendly Nevada/Utah, USA.
The intent of this drill program is to:
- Expand the higher grade estimated resource at Grey Eagle;
- Expand the higher grade estimated resource at Jumbo;
- Select a third area for further resource drilling from the 18 areas of outcropping gold mineralization and the buried geophysical targets.
Ongoing activities will also include completing environmental and cultural surveys needed to fulfill future permitting requirements and avoid delays in ongoing drilling, exploration, and engineering activities. There will also be a focus on continuing more detailed metallurgical studies.
Ralph Fitch, President and CEO stated "It is exciting to restart drilling particularly after the Company has announced and filed such a positive PEA. As I mentioned in the last press release the Company has drilled less than 10% of the prospective areas, so even though the present resource estimate provided the ounces for a strongly positive PEA, there is a significant opportunity to expand the estimated resource through drilling and further enhance both the project and the Company's common share-valuation. Drilling is expected to start by mid-May and we expect to complete the first 25 holes by the end of July."
The principal findings (TMI NR 14-09, dated May 1, 2014) were;
The PEA supports:
- a 9 year, 10,000 tpd "heap-leach" project;
- a pre-tax NPV5%of US$162 million;
- a pre-tax IRR of 57.5%;
- a cash cost of US$614/AuEq*oz; and
- total costs of US$749/AuEq*oz.
Source: http://www.trimetalsmining.com/