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Borealis Mining Company has announced significant gold production updates from its Borealis Mine. The company sold its final 2024 doré shipment to Asahi Refining, containing 190.79 troy oz of gold and 119.88 troy oz of silver. Additionally, approximately 24 tonnes of spent gold-laden carbon was shipped to Just Refiners, containing an estimated 368 troy oz of gold and 997 troy oz of silver.
The company plans to increase gold production in 2025 by crushing its ~330,000 ton stockpile of mineralized oxide material. To prepare for this, Borealis is replacing the carbon in its ADR circuit to improve loading capacity and leaching efficiency. The Borealis mine, located near Hawthorne, NV, is fully permitted and equipped with existing open pits, heap leach pads, modern infrastructure, and a functional ADR facility. The project has historically produced over 600,000 ounces of gold from open pit heap leach operations.
Borealis Mining Company has entered into a definitive agreement to acquire Gold Bull Resources through a share exchange ratio of 0.93 Borealis shares for each Gold Bull share, valuing Gold Bull at approximately $0.60 per share. The transaction represents a significant premium of 86.3% to Gold Bull's 30-day VWAP.
The acquisition adds Gold Bull's Sandman Project in Nevada, which contains 433,000 Indicated and 60,800 Inferred gold ounces. The 2023 PEA for Sandman shows promising economics with a post-tax IRR of 81%, NPV of US$121 million, and average annual gold production of 37.9k oz at US$1,800/oz gold price. The project requires low initial capital of US$31.5 million.
Upon completion, existing Borealis and Gold Bull shareholders will own approximately 86% and 14% of the combined entity, respectively. The transaction is expected to close in late January or early February 2025, subject to shareholder and regulatory approvals.
Borealis Mining Company has announced an agreement with ICP Securities to provide automated market making services. The agreement includes the use of ICP's proprietary algorithm, ICP Premium™, in compliance with TSX Venture Exchange policies. Under the terms, ICP will receive a monthly fee of $7,500 for an initial four-month term, with no performance-based compensation or stock options. ICP's primary role will be addressing temporary supply and demand imbalances in Borealis shares, with ICP bearing all costs related to trading activities.
Borealis Mining has announced significant drill results from its Graben target at the Borealis Gold Project in Nevada. Key highlights include drillhole DHBM011 yielding 2.25 g/t Au over 99.1m including 4.06 g/t Au over 21.3m, and DHBM013 returning 2.11 g/t Au over 36.6m including 8.24 g/t Au over 4.6m. The Graben historical gold deposit shows large widths of consistent gold mineralization within a silicified and sulfidized body. The company plans to return to the Graben area in early 2025 for additional testing and is permitted for a 55,000-tonne underground bulk sample.
Borealis Mining has expanded its Nevada property by adding 3.66 square miles through claim staking, bringing the total package to 26.56 square miles. The new claims include 14 historical drillholes with significant gold mineralization, featuring intercepts such as 20m of 0.55g/t gold and 12m of 0.62g/t gold. Historical surface samples show gold grades between 0.3g/t and 1.57g/t, with silver grades up to 5 ounces per tonne. The expansion is located near Headwater Gold's recently staked claims, which operate under a Newmont earn-in agreement. The Borealis mine has historically produced over 600,000 ounces of gold from open pit heap leach operations.
Borealis Mining Company (TSXV: BOGO) (FSE: L4B0) has completed its second gold pour of 2024 at its on-site ADR facility. The pour resulted in doré bars weighing ~1,625 troy ounces containing 14.116% Au and 9.954% Ag, equating to approximately 229 troy ounces of gold and 162 troy ounces of silver. The company has begun introducing fresh cyanide to a previously un-leached section of the leach pad, expecting higher gold percentage doré in future pours.
Borealis has also listed its common shares on the Frankfurt Stock Exchange under the symbol L4B0. The company has engaged several firms for strategic consulting, web content, and digital content creation services. Borealis is actively participating in upcoming investor conferences and events, including roadshows in Europe and mining showcases in Toronto, Sydney, and Zurich.
Borealis Mining Company (TSXV: BOGO) has announced its first gold pour of 2024 at its on-site ADR facility. The pour resulted in doré bars weighing ~651 troy ounces, containing 21.968% Au and 20.169% Ag, equating to approximately 143 troy ounces of gold and 131 troy ounces of silver. The company plans to strip the remaining 7.5 carbon columns and introduce fresh cyanide to a new section of the leach pad.
Borealis has appointed Lisanna Lewis as Chief Financial Officer, replacing Mike Dai. The company has also engaged Velocity Trade Capital to provide market liquidity services starting September 1, 2024. Additionally, Borealis has granted 4,500,000 stock options and 175,000 restricted share units to officers, directors, employees, and consultants.
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