Discovery Minerals Update on Ruby Mine
Discovery Minerals has engaged Simon Meldrum as Senior Geologist, completing a site assessment at the Ruby Mine that indicates an increase in ore resources. The assessment, conducted from April 28 to May 8, 2021, highlights four quartz occurrences in the greenstone belt, with the Wolf Vein previously yielding 1,600 oz of gold. CEO Russell Smith anticipates potential ore resource increases by 2 to 5 times current estimates. Mining operations are expected to commence by July-August 2021, aimed at enhancing production based on historical data.
- Engaged experienced Senior Geologist Simon Meldrum to enhance resource evaluation.
- Site assessment indicates potential identification of 2 to 5 times the current ore estimates.
- Historical data suggests potential for significant gold yields, including 370,000 oz estimated from unmined river channels.
- Only one of four quartz occurrences has been mined, indicating further exploration opportunities.
- None.
Discovery Minerals Update on Ruby Mine Operations
Discovery engages Senior Geologist, completes additional site assessment indicating increased ore resources in the Ruby Mine quartz greenstone belt
GRASS VALLEY, CA / ACCESSWIRE / May 19, 2021 / Discovery Minerals LTD (OTCQB:DSCR), is an acquisition and development company that targets natural resource properties and cutting edge technology opportunities is pleased to announce that it has engaged Simon Meldrum as Senior Geologist and completed a comprehensive site assessment starting on April 28 and concluding on May 8, 2021. Mr Meldrum will continue with the evaluation of the Project in his office for later publication.
Mr. Meldrum brings over 30 years experience as a Geologist with specific expertise in exploration and reconceptualizing mines with known production, targeting new ore resources, significantly increasing mine yield. It was previously reported that the Ruby produced an estimated 250,000 troy ounces of gold from 1850's to early 1900s. Furthermore, that 3.5 miles of unmined river channels on the Ruby mining claims have an estimated potential of 370,000 oz of gold yet to be mined from the buried placer, based on historical data. It is factual that by bringing modern mining operations and geological process, this production can be greatly enhanced.
The main focus of the May 8th investigation was to inspect existing mining equipment and resources in place to advance the mining plan as well as plan for additional geological exploration to identify additional ore resources. The most exciting aspect of new exploration are four quartz occurrences in the greenstone belt. Only one of these occurrences, the Wolf Vein has been mined. The Wolf vein produced 1,600 oz of gold by the earlier miners from the vertical greenstone formation that underlies the buried river channels. The Wolf vein winze runs to a depth of approximately 350 feet below the main access tunnel. This is notable given other proven mines in the Alleghany District produced strong enrichment zones in the quartz belt to a depth of over 3,300 feet. Example : the 16 to One mine that was closed by the Federal Govt. Manpower Act in 1942.
Russell Smith CEO of Discovery Minerals commented: " The potential for locating additional enrichment zones and ore resources in the greenstone belt has obliged us to reevaluate initial estimates, where we feel we could quite possibly identify 2 to 5 times the currently estimated ore resources. Highlights being looked at include:
- Four identified quartz veins at the Ruby Mine, where only the Wolf Vein has been explored to 350 feet with most work well above that. Other mines in the surrounding Mining Districts have produced to well over 10,000 feet depth.
- The 16 to One Mine in its early days produced
$3.0 million of gold from quartz reef mining from the Tightner Vein, where mining started 40 years after the quartz was uncovered by drift mining operations. - The Empire Mine, in the Grass Valley Mining area produced about 5.8 million ounces of gold. "
Russell Smith , CEO, continues "We have only begun to scratch the surface of what Ruby has to offer Discovery Minerals Shareholders. When you consider the 16 to One mine had one enrichment zone or pocket that produced over
Discovery Minerals expects to commence mining operations by July-August, 2021 to begin physical mining as well as winterize operations for year round mining and treatment.
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About Discovery Minerals Ltd.
Discovery Minerals Ltd. (OTC PINK:DSCR) is an acquisition and development company that targets natural resource properties and cutting edge technology opportunities through its subsidiaries. The Board of Directors has determined that these activities be continued with an emphasis on early positive cash flow from any projects undertaken.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
Authorized by Russell Smith, CEO.
Contact:
Discovery Minerals Ltd.
Info@discoveryminerals.com
SOURCE: Discovery Minerals Ltd.
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