GoldSands Development, a gold exploration and development company active in proven gold bearing areas in northeastern Peru (GoldSands project), sees Peru as the perfect place to focus. The area is home to several proven deposits in the multi-million ounce range, with operations by the world’s largest gold producing companies. The company’s stated goal is to fully develop the project, consisting of options on 461 square kilometers (178 square miles) of mining property, the largest such block in the district. Overall, the company has 52 mining concessions in northeastern Peru.
GoldSands announced completion of a test mining production program, producing 2445g of raw gold, at an average gold grade of 309 mg/m3, and was able to map nearby concessions for target areas showing evidence of likely buried alluvial gold-bearing paleo-channels. One approach being considered is to do test mining of these newly identified areas, simplifying the mining process through the use of gravel pumps and test dredges to feed directly into the gold recovery equipment, reducing initial investment and operation costs.
Several other promising test areas have been identified in the company’s Aixa, Castalia, and Mika 3 concessions. Samples have been taken from the gravel banks of Rio Maranon, and all showed gold values of over 0.100 g/m3, with two samples returning 0.334 g/m3 and 0.511 g/m3 gold respectively. Land owners and key non-governmental organizations have recently approved the GoldSands development program for both the Aixa and Castalia concessions, covering 11,120 acres.
GoldSands CEO, Michael Stocker, commented on the company’s plans. “We plan to expand our work in these areas and are now reaching out to potential joint venture partners and dredging contractors with the goal of finding partners or additional financing to assist us in developing a comprehensive and profitable mining plan. Current gold prices are a big driver for our project as time to production is typically faster in alluvial mining than in hard rock mining.”
For more information, visit the company’s websites at www.GoldSandsCo.com
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