Patriot Gold, a gold and silver E&P which holds a nice
chunk of properties in Nevada at their Bruner (900 acres in 56 claims, entire
Bruner district now controlled by PGOL) and Vernal (240 acres in 12 unpatented
claims) properties, reported great news today out of their 100%-owned Moss Mine
gold-silver property (5k plus acres in 220 unpatented and 15 patented claims)
down in Mojave County, northwestern Arizona, as the company has now processed
its first gold pours from mine material.
With some $366k in sales of PMs thus far (270.4 oz Au at
$1,326.00 and another 588.6 oz Ag at $22.30) from the pilot plant operations,
the further shipments that are still undergoing processing give PGOL great
confidence as they work out the remaining technical aspects of their
accelerated ramp to production at Moss Mine. The recent technical update on
Moss Mine by PGOL’s earn-in optionee partner (Golden Vertex, the U.S.
subsidiary of B.C.-incorporated Canadian mining company, Northern Vertex Mining
Corp.) has also helped bolster morale at the company, as this latest update
contained some key, bullish findings on the project.
In fact, at this point the company’s partner has aggregated
enough solid processing data to begin circumspect leach pad optimization
efforts aimed at achieving a handsome improvement to overall throughput
tonnage, as permitted under the existing Phase 1 Preliminary Economic
Assessment guidelines. The Pilot Plant’s construction began in earnest back in
May of this year and was aggressively completed towards the close of July, with
some 91k metric tonnes of mineralized material delineated for extraction in the
Phase 1 PEA. The official opening of the Pilot Plant in August was even
attended by Governor Brewer, with the ribbon cutting ceremony being held in Bullhead
City, a high-profile event which also represents a very positive indicator for
the project’s future.
With some 90.2k metric tonnes of mineralized rock now mined
since the start of operations in June this year and a healthy volume of data
collected from the crushing/screening (roll crushers) and agglomeration (using
cement as a binder) of this material during processing (75.0% to 84.6% Au
recovery and 69.0% to 76.6% on Ag with moderate reagent consumption levels),
PGOL is now well underway towards a successful transition into Phase 2
operations in 2014. The leaching of the material which began as early as August
of this year is schedule to track that transition well into 2014 and POGL is
confident that they can readily upgrade in concert with the Phase 2 approach
logistics. A spate of gold-loaded carbon shipments have now been sent out to a
stripping facility.
President and CEO of PGOL, Bob Coale, commented on what is a
milestone culmination of work on the Moss Mine (which was purchased in a series
of transactions stretching back to 2004), explaining to shareholders that the
merits of the company’s fast track to production on the mine has clearly paid
off. Coale characterized the occasion as a momentous one indeed for PGOL and
with their earn-in optionee partner riding shotgun, armed with an $8M
investment window (over five years) whereby they stand to gain up to 70%
interest post investment and preparation of a bankable feasibility study, the
company is now exceptionally gung-ho as they prepare to gather up key data
during the advancement to Phase 2 of the project (targeting roughly 6.2M tonnes
of mineralized rock, or 5k tonnes/day).
More Information on Patriot Gold Corp. is available at
www.PatriotGoldCorp.com
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