EXPLORATION & DEVELOPMENT

West Kirkland reveals high-grade surface samples

West Kirkland Mining (TSXV: WKM) is mobilising a crew for a 23-hole drilling programme on Gold Mountain as it announced more high-grade surface samples and looks to add to the nearby Hasbrouck gold project in Nevada.

Staff reporter
The junior is preparing to drill Gold Mountain

The junior is preparing to drill Gold Mountain

Assay highlights from the Sealey Ridge, Gold Zone and Adit samples on Gold Mountain included 18m at 6.52g/t gold, 30m at 3.21g/t and 67m at 1.35g/t.

The company said Gold Mountain was less than 1.6km from the Hasbrouck reserves, which comprised 45.27 tonnes at 0.58g/t gold and 7.99g/t silver, or 784,000 ounces gold-equivalent.

West Kirkland owns 75% of the Hasbrouck gold project and has acquired a 100% interest over leases between the Hasbrouck project's original two deposits 8km apart, Hasbrouck and Three Hills.

It has a 100% option on Gold Mountain.

A 2016 feasibility study for the "shovel-ready" Hasbrouck project outlined an openpit, heap leach project with a US$47 million capex, an after-tax NPV (5% discount) of $120 million and a 43% IRR.

The company raised C$1.37 million (US$1.05 million) in a private placement at 6c per share in March, for resource expansion, exploration and phase two permitting at Hasbrouck, plus general working capital. 

Hasbrouck's 25% owner, Waterton Precious Metals Fund II Cayman, is funding its share of expenditures at the project.

Shares in the company have traded between C5.5-8.5c over the past year and closed unchanged on Friday at 6c.

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