Bluebird Merchant Ventures Limited Operational Update (5406N)
01 June 2022 - 6:30PM
UK Regulatory
TIDMBMV
RNS Number : 5406N
Bluebird Merchant Ventures Limited
01 June 2022
Bluebird Merchant Ventures Ltd
("Company" or "Bluebird")
Operational Update
Bluebird Merchant Ventures (EPIC: BMV), the South Korean focused
gold development group is pleased to announce an operational
update. The Company announced previously on 17 May 2022 that CEO,
Colin Patterson held a series of successful meetings in South Korea
with a view to moving the projects forward on an expedited
basis.
Highlights:
-- Five metre sampling interval was tested by infill samples at one metre intervals;
-- Drain samples confirm gold of up to 2.25 grams per tonne;
-- Gold can be retrieved quickly when opening up and refurbishing the adit;
The Company is now reviewing technical data that was collected
just prior to the pandemic. A process of infill channel samples was
undertaken at Kochang to test the validity of the samples taken at
five metre intervals and to determine the short-range variability
of samples. Samples were taken at one metre intervals on all three
veins. These samples showed good correlation with the original five
metre interval sampling. This confirms that five metre sampling is
appropriate for the ore body thus saving time and costs.
In addition, eight drain samples were taken along the length of
the main adit to determine the grade of remanent gold in the drain
system. Six of the samples contained gold ranging from 0.63 to 2.25
grams per tonne in fine ore. This confirms management's experience
that fine ore from previous mining operations accumulates on the
adit floor and can be quickly collected and stockpiled for future
processing.
The Company will update the market in due course following a
review of additional data at Kochang.
Colin Patterson, CEO , commented:
"Reopening old mines is far cheaper and quicker than developing
new mines. The results confirm that we are on the right path to
'proof of concept' gold production at Kochang. The Kochang mine
closed in the early 1970's when gold was USD 140 per ounce. At
today's gold prices we can expect the production economics to be
very attractive."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014
("MAR").
Enquiries:
Bluebird Merchant Ventures Ltd
Jonathan Morley-Kirk, Non-Executive Chairman jmk@bluebirdmv.com
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