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Goldrich forecasts higher gold production at Chandalar in 2017


Last updated 1/18/2018 at 7:28pm

Goldrich Mining Company March 7 said it anticipates higher gold production and potential resources expansion at the Chandalar gold mine in northern Alaska.

Goldrich NyacAU Placer LLC, a joint venture between Goldrich and NyacAU to mine the various placer deposits at Goldrich's 23,000-acre Chandalar gold property, forecasts total 2017 production will be approximately 14,100 ounces of fine gold at a cost of roughly US$700/oz. In 2016, this operation produced 8,227 oz of fine gold at a cost of US$960/oz.

Goldrich cautioned that 2017 forecast and the 2016 costs may change as the partners are currently in discussions concerning certain accounting items.

Goldrich's 2017 forecast assumes 120 days of plant operation, 19 hours a day, with a processing rate of 308 bank cubic yards per hour. This compares to about 15 hours a day at 183 bcy per hour in 2016.

Goldrich NyacAU Placer is making modifications to the recovery plant that are expected to increase its capacity to 400 bcy per hour.

Additionally, Goldrich said the partners plan to carry out a 122-hole sonic drill program targeting areas of potential resource expansion at Chandalar.

Past drilling has delineated a non-NI 43-101 resource of roughly 10.5 million cubic yards averaging 0.025 oz/cy (250,000 oz) gold.

A recent survey by Goldrich NyacAU Placer has identified an area of potential resource expansion that will be the target of this year's drilling.



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