Bullion Monarch Mining (OTCQB:BULM) announced Thursday that it has begun the recommended exploration plan for its recently acquired Niquelândia bauxite property in Goiás, Brazil, as outlined in an NI 43-101 compliant report.
The Niquelândia project represents the first aluminum project for Bullion Monarch, whose stock on the OTC was trading at $1.50 as of Thursday afternoon.
Bauxite is an aluminum ore, the demand for which has increased over 35% in the last decade. Geologists believe the bauxite deposit on the property may extend up to 25 kilometres in length, and up to five kilometres in width, the company said.
Previous exploration on the property returned surface samples of up to 61.8% aluminum oxide, above the cut-off grade for operating bauxite mines.
The two phase plan, which has a budget of $1.5 million, involves mapping, geophysical analysis and metallurgical sampling, followed by definition drilling, metallurgical analysis and resource calculation.
Reserve modeling will be performed based on the results of phase one and two, and will involve the assessment of mineability, and the economic feasibility of the Niquelândia project.
“The Niquelândia Property is an incredible opportunity for our company to gain a position in the very strong aluminum market," said president James A. Morris.
Bullion Monarch, based in St. George, Utah, also has several gold and copper projects in Oregon, Utah and Nevada.
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