Patriot Gold pours first gold from Arizona project
TORONTO (miningweekly.com) – Las Vegas-based emerging gold producer Patriot Gold has poured first gold from the Moss project, in Mojave county, Arizona.
The company said that to date, precious metal sales had weighed in at $365 826, based on 270.4 oz of gold and 588.6 oz of silver recovered over recent months from the pilot plant.
The precious metals were sold at $1 326/oz of gold and $22.30/oz of silver. More shipments were undergoing processing for which Patriot was waiting to determine its value.
Patriot Gold's earn-in partner had recently provided a technical update for the Moss project, reporting positive findings. Canada-based Northern Vertex has the right to earn a 70% interest in the Moss property, after which the companies would form a 70:30 joint venture.
Construction of the pilot plant started in early May and was completed at the end of July. According to the preliminary economic assessment (PEA) for Phase 1 of the project, 91 000 t of ore was to be extracted from the mine.
Mining started in June and a total of 90 199 t had been mined. Leaching began in mid-August, and would continue well into 2014.
Northern Vertex had now gathered enough data from processing to optimise the leach pad design, which could result in increased plant throughput.
"We are delighted to reach this momentous milestone on our project, which has been fast tracked through to production. We look forward to gathering pertinent data over the next year to set the base for transition into Phase 2 operations," Patriot Gold president and CEO Bob Coale said.
The second phase would target an output of 42 000 oz of gold equivalent a year from the end of 2014.
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