In the near term, Borealis intends to strip the remaining 7.5 carbon columns and then introduce fresh cyanide to a section of the leach pad which has previously not been leached, which it believes should result in a higher gold percentage doré compared to the material generated through residual leaching.
According to CEO Kelly Malcolm, in addition to increasing the frequency of gold pours as it strips its remaining carbon columns, the company is also in the process of seeking contractors to crush its 330,000-tonne stockpile of ore, which he believes “should also generate meaningful gold production.”
“Borealis is unique to many of our peers in the junior exploration sector, in that we are revenue generating and control a fully permitted mine and ADR facility,” he added.
The Borealis project consists of a fully permitted (federal and state) mine equipped for present operations and future expansions. The mine was first discovered in 1978 and entered production during the 1980s, recovering 500,000 oz. of gold at 2.02 g/t from eight near-surface open-pit oxide deposits. Minor production recommenced briefly in 2011-2013 and 2021-2022 for another 125,000 oz. of output.
The mine was previously owned and operated by then Toronto-listed Gryphon Gold, which went bankrupt in 2013 and lost control of the asset to Waterton Global Resource Management. The project subsequently entered several years of legal battle. During that time, Waterton received approval to reopen the mine. Borealis acquired the project earlier this year and was recently approved for its TSXV listing.
In addition to the mine, the Borealis project covers approximately 15,000 acres (60 sq. km.) of prospective land with significant road network and infrastructure on site. The property has not been drilled since 2011, but is considered to have high-grade expansion potential based on historical results, the company said.
The historical in-situ resource, as calculated by Gryphon, is estimated at 1.83 million oz. grading 1.28 g/t gold in the measured and indicated category, and 195,000 oz. grading 0.34 g/t gold in the inferred category.
