Business
Bluebird takes on a second gold and silver mine
Bluebird takes on a second gold and silver mine.
About this update from Bluebird Mining Ventures Ltd.
[{"type":"text","content":"\n \nRNS Number : 5038E Bluebird Merchant Ventures Limited 12 February 2018 \n\n12 February 2018\n \nBluebird Merchant Ventures Ltd\n(the \"Company\" or \"Bluebird\")\nBluebird takes on a second South Korean gold and silver mine\nBluebird Merchant Ventures (EPIC: BMV), the Asian focused resource development group, is pleased to announce that it has signed an agreement with Southern Gold Ltd. to develop and reopen the Kochang gold and silver mine in South Korea. Under the terms of the agreement a 50:50 joint venture will be formed once Bluebird has spent USD 500,000 to complete a report on the feasibility to reopen the mine as well as completed a Placing of AUD 250,000 in Southern Gold by 31 May 2018. Bluebird will be the operator of the project.\nHighlights \n· The Kochang mine operated from 1928 until 1975\n· A 1991 KORES reports state that the mine produced 110,000 oz gold and 5.9 Moz silver between 1961 and 1975\n· Bluebird has already dewatered the mine and gained access to the lowest levels of production\n· The mine has parallel vertical dipping ore bodies which are both faster and cheaper to develop\n· Very encouraging gold rock-chip results seen at the Main Vein\n· The project is funded\n \nThe Kochang mine is some 130 kilometres south east of the Company's Gubong project and access to the main entrance is via sealed roads. The mine covers an area of 3.2 square miles.\n \nThe Kochang gold and silver mine was worked from 1928 until 1975. In 1991, a report by the state owned enterprise, Korea Resources Corporation (KORES), states that the mine produced 110,000 oz of gold and 5.9 million oz of silver between 1961 and 1975. The Kochang deposit is an epithermal vein deposit. The mine has parallel vertical ore bodies which are both easier and cheaper to mine. The mine closed when the gold price was USD 140/oz which would indicate that ore that was uneconomic then would now be economic.\n \nHistorically, the Main Vein was mined at the \"gold mine\" and the South Vein was mined at the \"silver mine\". However, from surface chip sample assay maps and from more recent surface mapping, it can be seen that there are a n...