Bluebird Merchant Ventures Limited Project Interview: Confidence Levels Increasing
16 Novembro 2023 - 4:00AM
RNS Non-Regulatory
TIDMBMV
Bluebird Merchant Ventures Limited
16 November 2023
Bluebird Merchant Ventures Ltd / EPIC: BMV.L / Market: FTSE /
Sector: Mining
16 November 2023
Bluebird Merchant Ventures Ltd
('Bluebird' or 'the Company')
South Korean Project Interview
Confidence levels increasing
Bluebird Merchant Ventures Ltd, a gold company primarily focused
on bringing historic mines back into production, is pleased to
announce a video interview has been published following Executive
Director Aidan Bishop's return from a visit to South Korea. The
visit was conducted to gain an update from the Company's advisors
re the Gubong Gold Mine and Kochang Gold and Silver Mine, in
particular the status of the Mountain Temporary Use Permits, the
last licences required to start the re-opening of the mines. Both
projects have already received extraction licences.
The Company believes that the two projects have a cumulative
c.1.5m oz Au. The potential value of its projects was highlighted
in a Scoping Study published in February 2023. This was conducted
on a USD 1,750 per oz gold price, and reported a post-tax NPV of
USD 181 million, free cash of USD 50 million per annum, an IRR of
111% and a USD 630 per oz All in Sustaining Cost.
The full interview can be accessed on the below link:
https://www.youtube.com/watch?v=V1PYAjHjdAc
**ENDS**
For further information please visit https://bluebirdmv.com or
contact:
Colin Patterson Bluebird Merchant Ventures Ltd Email: colin@bluebirdmv.com
Nick Emmerson SI Capital Tel: 01483413500
About Bluebird
Bluebird Merchant Ventures Ltd (BMV.L) is a London listed South
Korea-focused resources company centred on bringing historically
producing gold mines back into production. The Company, led by a
team of proven mine rehabilitation experts, currently has two 100%
owned licensed high grade narrow vein mining projects, the Kochang
Gold and Silver Project ('Kochang') and the Gubong Gold Project
('Gubong'), which each have a defined route to low cost/ low capex
production with a cumulative target of producing 100,000 oz + Au
per annum.
The management team has invested cUS$2 million personally into
the Company and believe, following analysis of historic production
and exploration data, as well as extensive sampling, geological,
geophysical, and engineering studies, there is potential for in
excess of 1.5 million oz of mineable gold in its Korean projects
alone.
Kochang is an epithermal vein deposit with parallel vertical ore
bodies covering 8.3 sq km that reportedly produced 110,000 oz of
gold and 5.9 million oz of silver between 1961 and 1975. Consisting
of a gold and silver mine, there are currently four main veins and
a number of parallel subsidiary veins vein which have been
identified, as well as a newly identified cross-cutting vein.
Historic drilling indicates the veins continue to depth below the
current 150m mine and mapping shows the veins on surface providing
potential above and below the old workings. The veins extend to the
NE providing a strike length of 2.5km with 600m between the two
mines not exploited. There is potential to expand operations to the
southwest/northeast and to depth, as well as exploit the already
mined areas. The total resource potential is between 550,000 and
700,000 tonnes, with a range of grades between 5.2 g/t to 6.6 g/t
gold, and 27.3 g/t to 34.8 g/t silver. Following the granting of a
Mountain Use permit, there is an estimated 6-to-9-month development
time to trial mining.
Gubong, which was historically the second largest gold mine in
South Korea has 9 granted tenements covering c.25 sq km. Gubong is
moderately dipping with 9 veins extending 500m below surface and
known to extend at least a further 250m. However, the production
opportunity for Bluebird prior to looking at deepening the mine is
the 25 levels already developed with all the remnants and unmined
areas left by the original miners. The 25 levels extend over 120km
in total length which indicates the size of the opportunity. The
Korea Resources Corporation ('KORES') estimated 2.34M tonnes at
some 7.3g/t Au garnered from 57 drill holes over 17,715.3 metres.
With additional sampling, mapping, pit modelling and grade
analysis, plus the fact that Gubong is an orogenic deposit, which
typically have a depth of 2km compared to the current depth of
500m, the Board believe it has a geological potential of 1 million
+ oz Au in-situ, plus an estimated additional 300,000 oz Au from
satellite ore bodies.
Additionally, the Company has the highly prospective Batangas
Gold Exploration Project in the Philippines, where it has an
agreement with a Philippine company, whose owners have decades of
experience in mining, to develop the Project. The JV covers the
entire Batangas Project area, which has a current JORC compliant
resource of 440,000 ounces, including a maiden ore reserve of
128,000 ounces (including silver credits). Exploration expenditure
to the tune of c.$20m has already been invested. Work is focused on
completing Exploration and Environmental Work Programmes initially
targeting the high-grade Lobo area, although there is excellent
exploration potential across the licence with high-grade targets
already identified and 14km of identified mineralised structures.
The staged agreement is based on the JV partner achieving defined
development goals and provides Bluebird with a free carry on the
development of Batangas with a view to advancing to
construction.
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November 16, 2023 02:00 ET (07:00 GMT)
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