Bluebird Merchant Ventures Ltd (AIM:BMV) has Gold mining interests in both South Korea and the Philippines.
London listed mining expert firm Bluebird Merchant Ventures is currently farming into the prospective looking Gubong and Kochang gold projects and can earn a 50% interest by spending US$1M aimed at investigating the feasibility of re-opening these historic mines.
Bluebird will then undertake a technical and economic assessment to re-open the mines, delivering a feasibility report on their preferred option with a capex target for start up set at just $10m.
In this week’s announcement, Bluebird indicated that it had gained access to the next underground level at the Kochang Mine and that ore was visible in situ and in broken ore stockpiles. Importantly, it also described ground conditions as being “excellent”.
Additionally, Bluebird outlined encouraging rock chip results of up to 10.5 g/t gold, returned from surface “waste” dumps surrounding the Gubong mine. Two auger holes were also completed into the tailings dam at the mine, returning values up to 1.15 g/t gold. Bluebird indicated that a full study of the tailings will be undertaken later in 2018 to assess the economic feasibility of re-treatment.
Charles Barclay, the Chief Operating Officer of Bluebird said; “I am pleased with the progress at Kochang which is aided by the excellent ground conditions. When reopening old mines, the initial targets are broken ore and remnant pillars within old production areas. We are seeing this at Kochang. The mine closed when the gold price was US$140/oz so we would expect that what was unpayable ore then is now economic.”
“The results at Gubong of the tailings are most exciting and they certainly warrant a full program to determine the viability of reworking them.The results obtained from rock piles at Gubong announced today indicate that they could be a very cheap resource and we will be working on this over the coming weeks.”
We take a look at Bluebird Merchant Ventures Ltd (AIM:BMV) timeline on Share Talk
Bluebird Merchant Ventures (LON: BMV), the Asian focused resource development group, announced that it has signed an agreement with @SouthernGoldASX . to develop and reopen the Kochang gold and silver mine in South Korea. Under the terms of the agreement a 50:50 joint venture will be formed once Bluebird has spent USD 500,000 to complete a report on the feasibility to reopen the mine as well as completed a Placing of AUD 250,000 in Southern Gold by 31 May 2018. Bluebird will be the operator of the project.
February 27, 2018
Colin Patterson, Executive Director & Chief Executive Officer of Bluebird Merchant Ventures Ltd (AIM:BMV) in the Share Talk studio.
February 28, 2018
Bluebird Merchant (AIM:BMV) Bluebird Accesses Kochang & Interim Report:
March 2, 2018
Bluebird Merchant Ventures Ltd (AIM:BMV) Aidan Bishop – Share Talk Investor Show
March 6, 2018
Bluebird Merchant (AIM:BMV) Kochang -Further Access & Gubong -Surface Sampling
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