Cibolan Gold is an aggressive junior mining exploration and development company actively pursuing the reopening of its Independence gold and silver mining project in the Battle Mountain Mining District of Nevada. The company’s project, which is located adjacent to the multi-billion dollar Phoenix gold mine of the Newmont Mining Corporation (NEM), contains approximately one million ounces of gold and four million ounces of silver in the measured, indicated and inferred categories, providing Cibolan with a significant opportunity to realize strong returns moving forward.
In April, Cibolan released the results of a preliminary review of the production potential of its Independence project. According to the study, the project has the potential to provide four to five million tons containing more than 200,000 ounces of gold in a financially-viable manner. In particular, the evaluation highlighted three high-grade target areas that could allow the company to expand upon the availability of gold in the near surface mineralized material. As a result, Cibolan plans to focus on the rapid expansion of these new zones in the coming months.
“This is great news for shareholders as we now have a more clear understanding of how the mineralization is controlled by the various faults existing on the property,” Daniel J. Forbush, president and chief executive officer of Cibolan, stated in a news release. “I feel that this development makes Cibolan a ‘must watch’ company for gold focused investors.”
The Independence mine has been in production intermittently since 1938. Historically, the plot has produced approximately 11,000 ounces of gold, as well as about 750,000 ounces of silver. With its technical review of the project now complete, Cibolan moves one step closer to building upon these production statistics. In April, the company announced an agreement with Envirotech Drilling LLC to begin drilling operations in the project’s most promising sites.
For prospective investors, Cibolan’s recent progress toward production makes it an interesting opportunity in the months to come. Look for the company to continue to make strides toward achieving sustainable returns from its Independence project moving forward.
For more information, visit www.nevada-goldmine.com
