Emgold Mining Corporation
September 5, 2012 by Gold Editor
SOURCE: [Kenneth J. Gerbino] - Emgold’s primary asset is the Idaho Maryland Mine in Grass Valley California, once the 2nd largest gold mine in California. If brought back into production this mine could produce over 300,000 ounces of gold per year. This would be a top15 North American gold producer.
The Idaho Maryland Mine ranks as the 9th highest grade undeveloped gold deposit in the world. It has 70 miles of tunnels already in place and a 100 year history of mining. The second highest grade ore shoot in the history of global mining was the Idaho-Maryland #1 vein – one million ounces contained in one million tons of rock.
The Idaho-Maryland Project is an advanced stage gold project with an Environmental Impact Report being prepared. It was historically the second largest gold mine in California and is reported to have produced 2.4 million ounces of gold at a recovered grade of 0.43 opt gold, (an extremely high grade and rich ore). It has a NI 43-101 complaint measured and indicated resource totaling 472,000 ounces of gold (1.7 million tons at 0.28 opt gold) and an inferred resource totaling 1,002,000 ounces of gold (2.6 million tons at 0.39 opt gold). I expect these grades to increase to the 100 year average (.43 oz./ton) after underground confirmation drilling.
Total resource is now 1,472,000 ounces, but I expect a substantial increase in ounces as well. The Idaho-Maryland Mine also represents a world-class exploration target, in fact probably one of top 10 exploration targets in the world with the potential to develop a 4-6 million ounces gold resource, subject to permitting, dewatering, and completing underground exploration.
The company spent three years inputting historical data from 4,000 original large linen mining maps found on the property into the Mine Sight 3D computer model software. The input was an immense amount of data including 220,000 feet of historical core drilling and 41,000 historical assays from drilling and development work. The result was 754 exploration targets and 216 resource blocks identified, representing most likely 2-3 million additional ounces of gold.
The company, in my opinion will be bought out soon after it receives it permits.