ARIZONA – Para Resources will drill an initial five holes totaling 1,145 metres in conjunction with a geophysical program at its Tr-Ue gold vein near Oatman and 2.4 km from the company’s Gold Road mill and mine.
The program will begin in May 2019 and explore around the historic United Western and United Eastern gold mines.
United Western operated between 1928 and 1940, producing 40,000 oz. of gold at 10.28 g/t while United Eastern operated from 1917 to 1923, producing 550,000 oz. of gold at 38.29 g/t.
The company says its goal is to find resources that could provide higher grade feed or expansion to the Gold Road mill. Gold Road can currently process 455 t/d, but is permitted to process up to 910 t/d from any Oatman district mine with similar ore chemistry.
If its initial drilling is successful, the company plans to drill an additional 8,230 metres at Tr-Ue across 45 holes to develop an inferred resource. The company is targeting at least 100,000 oz. of gold at 10.28 g/t.
Para owns 88% of Gold Road Mining, its subsidiary. It bought the mine and mill for $7 million, and acquired the adjacent Tr-Ue claims in early 2018.
Shares of Para are currently trading at 21¢ with a 52-week range of 12¢ to 24¢. The company has a $34 million market capitalization.
This story first appeared on www.NorthernMiner.com.