Gold News

General Metals to review five new gold projects

It was confirmed yesterday (August 21st) that General Metals has secured the exclusive right to conduct due diligence on five new gold projects near the Ophelia Gold Mine in Sonora, Mexico.

The Ophelia Gold Project was announced back in July and it represents a near-term production opportunity for approximately 200,000 ounces of reported gold.

General Metals believes there is exploration potential for up to 500,000 ounces of gold, although the work is not yet SEC Industry Guide 7 compliant.

The other five mines are all either small former producers who shipped high grade ore directly to the smelter or properties previously optioned by large US mining firms that have not been put into operation.

An evaluation team will now visit all of the projects to report back on the potential.

Company COO Dave Salari said: "I find the region both a safe and easy place to work and there are talented local geologists and laborers that are not so easy to find in the US and Canada these days.

"Our plan will be to try to grow this opportunity to an aggregate operating potential in the million ounce of gold range this year through additional acquisitions and exploration. The target here is an open pit operation with low stripping ratio. Reported grades are in the 2+grams/ton range and amenable to heap leaching."

Separately, General Metals has recently acquired 150 square kilometres of land with a full prospecting license for gold, diamonds and base metals in Ghana.


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