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Be the first with the news that moves the market- Candente Gold (TSXV:CDG) is using the current slowdown in exploration work to re-open the past-producing El Dorado gold mine
- The company has been quoted approximately C$27,000 for the work, which will include de-watering and securing the underground structure
- By doing this, the company hopes to outline the previous mineralisation at the site, as well as the general shape of the vein structure
- The company hopes recommence production at the mine, which will feed its newly acquired San Dieguito de Arriba plant
- Candente Gold (CDG) is in the grey and is trading at two cents per share
Candente Gold (TSXV:CDG) is using the current slowdown in exploration work to re-open the historic El Dorado gold mine.
The project has been owned by Candente for several years, and the company is hoping to access the old mine to begin an underground sampling program.
The company is hopeful it can recommence production at El Dorado, which could feed the company’s nearby San Dieguito de Arriba plant.
Candente is also negotiating with other landholders in the area for other former working mines, which could be rehabilitated. El Dorado and the mines in the surrounding region have historically produced high-grade gold mineralization.
The company was quoted approximately C$27,000 to gain access and secure the historic mine site.
Once the company accesses to the mine, it will conduct an underground sampling program, which will help it build a 3D model of the mine’s historic workings.
By doing this, the company hopes to outline the previous mineralisation at the site, as well as the general shape of the vein structure.
The work is expected to take two weeks to complete, once crews arrive on the site. The initial work will consist of cleaning out, de-watering and reinforcing the old mine.
The company recently signed a Memorandum of Understanding with Magellan Acquisition Corp, which gave Candente the right to earn up 100 per cent of the interest in the nearby plant and the El Dorado property.
The memorandum was recently amended to include a payment for approximately $6,900 and provision of shares. Consequently, the shares offered through the agreement will increase from four million to five million.
Candente Gold (CDG) is in the grey and is trading at two cents per share at 1:15 pm EDT.
