Baru Gold Corp. has announced that its Board of Directors has approved the 2021 annual budget, which includes a 35 000 m resource development drilling programme targeted to start in mid-2021 and run for 13 months until completion. The initial area targeted for this drilling is covered in the Sangihe 2010 NI 43-101 which identified 835 000 oz gold inferred resource between Binebase and Bawone villages over a distance of approximately 1.2 km. An infill drilling programme will be conducted in this area to upgrade some of the inferred resources into indicated and measured resource status. Exploration drilling will continue over an additional 1.45 km from Bawone to South of Salurang villages area over which this anomaly continues. After the initial exploration drilling in this area has been completed, the identified resources will then be infill drilled to bring some of these resources into indicated and measured status as well.
Terry Filbert, Chairman and CEO, commented: “This is an extremely exciting year for Baru Gold with the beginning of construction on the Sangihe Gold mine is imminent. With over 42 000 ha. and an initial past NI 43-101 resource of 835 000 oz of gold, this sizeable 35 000 ms programme will test new high potential targets and upgrade existing resource to next tier while Baru advances to cashflow.”
“On operational updates for the last month, our engineering team has been preparing the project site on Sangihe Island. The team is in the midst of land acquisition and will soon begin hiring construction staff. The company expects to commence production in 2Q21, once construction is complete.”
“Once the project is producing gold, the drilling programme will start and will be funded out of cashflow. This will enable Baru to expand the project faster, in addition to extending the mine life at the same time. We believe this will be a large resource and will positively affect the company’s bottom line, with no further dilution to shareholders as the company will be self-funding.”
The approved budget for the Sangihe Gold Project includes costs for constructing the heap leach pad, developing the mining pit, the building of roads, supporting infrastructure, and hiring staff needed to pour its first gold, targeted for 3Q21. The company currently has sufficient funds available to cover all the budgeted and approved expenditures.
Read the article online at: https://www.globalminingreview.com/exploration-development/12032021/baru-gold-corp-approves-2021-drilling-programme-at-sangihe-gold-project/
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