A share of Golden Independence Mining (OTCQB:GIDMF) closed up 38.63 percent on Wednesday at $0.1475, and has traded in a range of $0.1070 to $0.1475 all day. In the last month, GIDMF stock increased by over 34.09% with over 25.97K shares traded on average. GIDMF stock has lost over -17.60% over the past three months while its average volume has been 46.81K shares. GIDMF stock has suffered a -67.53% decline in price over the last year, with a high of $0.5670 and a market cap of $9.25M. The GIDMF stock surged after the release of the Preliminary Economic Assessment (PEA).
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What project does GIDMF share PEA with?
Golden Independence is an exploration company that focuses on the Independence Project, which is in its advanced stages of development. Within the Battle Mountain-Cortez Trend of Nevada, GIDMF’s property borders Nevada Gold Mine’s Phoenix-Fortitude mine. In terms of gold resources, the Independence property hosts a measured and indicated resource of 537,300 ounces and an inferred resource of 943,500 ounces of gold with a significant silver credit. The GIDMF is actively developing the near-surface resource, with a PEA expected by the end of 2021.
In addition to providing an update on the PEA for the Independence project, Golden Independence provided a company update.
Update on PEA:
- The GIDMF is on schedule to complete the PEA for the near surface components of the Mineral Resource Estimate (“MRE”) by year’s end 2021.
- Dyer Engineering, based in Nevada, is leading the design of a heap leach operation that will have a capacity of 9,000 tonnes per day. About twenty-five percent of the engineering and design work is complete.
- Twelve new drill holes were drilled in April and May of this year, and they have been incorporated into the resource model and mineralized envelopes.
- An initial pit design has been completed and is being optimized to accommodate benches for safety and access for hauling.
- Metallurgical testing will be performed by Kappes, Cassiday & Associates of Reno, Nevada.
- As of this writing, thirty-four bottle roll tests on composite samples have been completed.
- NI 43-101 was used to prepare these samples, and all check assays have been reported now. The samples cover the majority of the near-surface component of the MRE.
- One thousand five hundred and fifty-eight new cyanide-soluble results have been added to the database from drilling in 2020 and early 2021.
- Gold and silver recovery models will be refined using the database since the data shows that oxidation extends to depth in various areas, and a hard oxide/sulfide boundary cannot be observed.
- The new metallurgical testing results are being used to refine operating costs and parameters.
- Beginning in the first quarter of 2022, seasonally based biological and cultural baseline surveys will be conducted.
- It is being developed a Groundwater Sampling and Analysis Plan, which will be forwarded to the agency for review.
Update on GIDMF’s corporate affairs:
Golden Independence (GIDMF) is expected to complete its initial earn-in at the Independence project by the end of 2021. As of date, GIDMF had spent approximately US$2.7 million of the required US$3 million on the Independence Project to earn an initial 51% stake. It is fully funded to deliver the PEA and complete the initial earn-in.