Initial mining target for 2019 revenue is 70,000 tons of ore that is near surface on the Oro Fino Vein for Gold and Silver, utilizing an existing Mill
Phoenix, Arizona, Jan. 23, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Discovery Minerals LTD (OTCQB:DSCR) is an acquisition and development Company that targets natural resource properties primarily in precious metals and mining operations. Discovery Minerals is pleased to announce an update from the Board of Directors and CEO for the War Eagle Mountain Project to target ore deposits near surface to provide the company the fastest path to revenue, utilizing the existing mill facility while continuing the geology program for expanded operations.
The initial mining target is an extension of the Oro Fino Vein with approximately 70,000 tons of ore at 10 g per ton Gold plus 5 ozs per ton of Silver, that is visible in places on the surface. This is in the supergene zone with potentially high grades of Gold and Silver. We also expect to find enriched cross structures with higher grades of gold bearing ore at these intersections. This mining program of the first 100 feet of depth will commence later in 2019 and will take a year or more to conclude. While this operation is progressing we expect to expose further ore tonnages to expand operations. Current Gold pricing is approximately $41.19 per gram and Silver is approximately $15.42 per ounce. To be clear regarding the potential of the War Eagle Mountain Project this is only the beginning of the Company’s planned operations. Oro Fino is one of three vein structures that has shafts to 1250 feet deep and can be traced for 2 miles. The other two structures being Central and Poorman.
Russell Smith, CEO of Discovery Minerals, LTD, stated, “The foundation work completed in 2018 has led to our current Joint Venture on the War Eagle Mountain Gold and Silver Project. The Company successfully brought our filings current, secured capital to source new projects and initiated investigation and preliminary work to commence mining operations. The War Eagle Mountain Project has extremely positive indications for long-term development. The greatest risk in precious metals mining are the exploration costs to find an economically viable mining operation. Once identified the next process is extensive geology and engineering work to create a mining plan. The execution of a mining plan is not speculation, it is completing the plan. This includes the completion of a comprehensive survey program onto a computer model, geological mapping and sampling of pertinent areas. War Eagle Mountain is a proven resource for Gold and Silver deposits that already has extensive geology completed that will benefit DSCR and its shareholders. Our greatest challenge moving forward is cost containment and efficiency to maximize profits.”
Mr. Smith continues, “We will mine this resource with state of the art techniques and equipment creating new opportunities for further production. The rise in gold prices to over $1250 per ounce only enhances this operation. DSCR will benefit from the existing mill facility built approximately 10 years ago, which will allow DSCR to focus capital on increasing revenue generating operations. We are on target to complete our Mining Plan by the end of April and to be generating significant revenues in 2019. We look forward to reporting the findings of our geology and survey program outlining a more comprehensive Mining Plan in the near future. As always I would like to thank our Shareholders for their continued support as we grow Discovery Minerals.”
About Discovery Minerals Ltd.:
Discovery Minerals Ltd. (OTC PINK : DSCR) is an acquisition and development company that targets natural resource properties and cutting edge technology opportunities through its subsidiaries. The Board of Directors has determined that these activities be continued with an emphasis on early positive cash flow from any projects undertaken.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
Authorized by Russell Smith, CEO.