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Arizona Gold Corp. has appointed John C. Galassini as Executive Vice President and Chief Operating Officer to oversee the restart of operations at the Copperstone Gold mine. With over 30 years of mining experience, Galassini brings a strong background in mine construction and operations. His prior roles include positions at Kinross Gold, Nyrstar Metals, and Freeport-McMoRan. Additionally, Giulio T. Bonifacio will assume the role of President, following the departure of Martin Kostuik. Arizona Gold aims to maximize the potential of the Copperstone mine, which has previously produced over 500,000 ounces of gold.
Arizona Gold Corp. announced progress at its 100% owned Copperstone gold mine in Arizona. The company received US$12 million of an US$18 million financing to restart operations. Initial funds are allocated for engineering, equipment, and mining activities. The restart is targeted for Q4 2021. Significant engineering efforts are underway to optimize mine operations and production efficiencies. Additionally, a drilling program is ongoing, with updated resource estimates expected in Q2 2021. The project also shows exploration potential within a 50 square-kilometer area, having previously produced over 500,000 ounces of gold.
Arizona Gold Corp. (AGAUF) announced promising initial results from its underground drilling program at the Copperstone gold project in Arizona. The drilling highlights significant gold grades, including 1.8 m at 43.97 g/t Au and 13.7 m at 4.82 g/t Au. The company indicated a potential down-dip extension of over 30 meters, enhancing the mineralized domains. The ongoing program, totaling 2,400 m, aims to increase resources and optimize economics for a production restart planned for 2021. The project previously produced over 500,000 ounces of gold.
Arizona Gold Corp. (OTCQB: AGAUF) has received the second installment of US$6 million under an US$18 million streaming agreement with Star Royalties Ltd. These funds will support the restart of operations at the Copperstone Gold Mine in Arizona. The company has also amended a royalty purchase agreement with Trans Oceanic Mineral Company Ltd., which will reduce the royalty burden on Copperstone from 6% to 3% for US$2.5 million. CEO Giulio Bonifacio expressed optimism about the project, emphasizing the potential for resource expansion and operational development.
Arizona Gold Corp. (OTCQB: AGAUF) updates drilling at its fully owned Copperstone gold project in Arizona. The latest Reverse Circulation (RC) drilling confirms gold mineralization continuity in the Footwall and Copperstone zones, with results indicating potential expansion along strike. Significant drill highlights include: 9.1 m at 6.32 g/t Au and 6.1 m at 4.86 g/t Au. The underground core drilling commenced in December with a second drill rig now in use. The project aims to enhance resources and optimize mine economics ahead of planned production restarts in 2021.
