Goldrich reveals huge rise in gold yield from Little Squaw placer mine

28 September 2016 (Last Updated September 28th, 2016 18:30)

Goldrich Mining has announced a 95% increase in gold gained from its Little Squaw placer mine in the Chandalar district, 190 miles north of Fairbanks, Alaska, US.

Goldrich Mining has announced a 95% increase in gold gained from its Little Squaw placer mine in the Chandalar district, 190 miles north of Fairbanks, Alaska, US.

According to the company, nearly 8,570oz of alluvial gold has been obtained from the mine as of 31 August, marking a 95% rise in production when compared with the entire 2015 mining season.

Of the total alluvial gold produced from Little Squaw during this season, 3,010oz was produced in August alone.

Figures released by the company show that approximately 5,540oz of alluvial gold was obtained from the upper half of Little Squaw Creek outside the area of mineralised material previously delineated by Goldrich.

"Nearly $26m has been invested in developing the mine so far."

Goldrich said that production for the year continued until 21 September and final production numbers for the season will be released after all smelter settlement documents have been received.

To date, the company has conducted nearly 15,000ft of drilling on the upper half of the Little Squaw Creek placer project.

Nearly $26m has been invested in developing the mine so far.

Goldrich also outlined 10.5 million cubic yards of mineralised material, at an average head grade of 0.025oz of gold per cubic yard, for an estimated total of approximately 250,000 contained ounces. The mineralised material at Chandalar is not a mineral reserve as defined in SEC Industry Guide 7, according to the company.