Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Junior miner Discovery Harbour (TSXV:DHR) has been ordered by the United States Forest Service (USFS) to complete an archaeological survey in Nevada
  • The company has hired a contractor to perform the work the Caldera property
  • Once complete, if the USFS accept the findings, Discovery may then submit its impact assessment for the site
  • The company has also agreed to amend the option agreement for the property, delaying a C$67,462 payment by six months 
  • Discovery Harbour (DHR) is in the grey and is trading at 8.5 cents per share 

Discovery Harbour (TSXV:DHR) has been ordered by the United States Forest Service (USFS) to conduct an archaeological survey on its Caldera property. 

The company submitted its exploration plan of operations to the USFS in April, before the regulator ordered the company to complete the survey.

The environmental review Discover Harbour submitted outlines the level and form of environmental impact anticipated on the site.

Discovery Harbour has found itself a Nevada contractor to perform said archaeological work, which is only expected to take a few weeks.

Once the field work is completed, the contractor will prepare the report for submission to the USFS.

The USFS must make a determination on the survey’s findings. If the USFS supports the findings, Discovery may then submit its final environmental impact assessment for the site.

Discovery Harbour has stated that future drilling is still subject to further USDS and other regulatory approvals.

Alongside advancing its permits, Discovery has also agreed to an amendment to the option agreement it signed to acquire the Caldera project.

Due to the market uncertainty caused by the COVID-19 pandemic, the company has agreed to delay an approximate C$134,899 payment it owed on the project.

Discovery and Genesis Gold Corporation have agreed to an approximate $67,462 payment on the scheduled date, and then a further payment for the same amount six months later.

CEO of Discovery Harbour, Mark fields said he was pleased the permitting was proceeding in a timely manner. He went on to outlined the company’s upcoming exploration plans. 

“We are on track to undertake a drill program this fall, subject to financing and final regulatory approvals. The plan includes testing up to 10 drill targets in five separate mineralised areas.

“Our strategy is to drill 100 to 300 metres deeper than any previous drilling on the Caldera project,” he said. 

Discovery Harbour (DHR) is in the grey and is trading at 8.5 cents per share at 1:45pm EDT.

More From The Market Herald

" Recharge Resources (CSE:RR) to supply up to 20,000 tonnes of lithium

Recharge Resources (RR) has signed a Letter of Intent (LOI) with Richlink Capital Pty.

" Fortune Minerals (TSX:FT) extends option to acquire refinery

Fortune Minerals (FT) has secured an additional extension for its purchase option for the JFSL Field Services ULC brownfield site in Lamont County,

" Aurwest (CSE:AWR) closing 5 new SpinCos as part of arrangement

Aurwest Resources (AWR) is closing 5 new SpinCos as part of the spin-out transaction to evaluate future go-public business opportunities.

" TriStar Gold (TSXV:TSG) appoints Marcus Brewster as Chief Operating Officer

TriStar Gold (TSG) announced the appointment of Marcus Brewster as Chief Operating Officer of the company.