Gold Reach Resources (GRV) Sets Sights on Huckleberry Mine

Spotlight Companies |

In recent months, Gold Reach Resources (GRV), a Canadian-based mineral exploration and development company, has revealed a number of critical developments that demonstrate its positive strides towards growth and prosperity. Along with a positive preliminary economic assessment for its lead property, the Ootsa Project, the company reported that it had completed a $700,000 non-brokered private placement. However, the company has their sights set on a mine that is actually set to shut down at the end of the month: Huckleberry Mine.

Gold Reach, according to its official website, has three Cu-Au-Mo porphyry systems strategically located adjacent to the currently operating Huckleberry Mine. In a recent interview with Equities, Shane Ebert, CEO of Gold Reach, revealed that the scheduled closing on the Huckleberry Mine could present a golden opportunity for the company.

“At the end of August, the Huckleberry Mine is set to shut down and go on care and maintenance as a result of low copper prices,” said Ebert. “Once shut down, it is conceivable that the value of the mine will be at its lowest level since it started 19 years ago.”

But, why focus on a mine that is set close? According Huckleberry Mine’s most recently published plan, there’s a, maximum, of five years in reserves left. Therefore, the current mine owners will need acquire additional reserves to keep the mine in operation. That is where Gold Reach comes in.

“This represents a huge opportunity for Gold Reach to try and secure a deal with the present mine owners at the bottom of the market, putting us in a good position to capitalize on increases in copper price,” said Ebert. “Securing access to the Huckleberry Mine will be a key milestone for the company moving forward.”



Furthermore, as stated by Ebert, there are several advantages to processing Gold Reach’s Ootsa ore at the Huckleberry Mine, including:

  • Reducing risk, since the mill and tailings facility are already built.
  • Low capital cost project, where the company’s recent PEA shows that Ootsa has potential to add 12 years of mine life to the Huckleberry Mine with initial capital costs of C$64 million.
  • Reducing disturbance and, the overall, environmental footprint in the district.

Thanks to its positive PEA and expansion sights set on the Huckleberry Mine, the investment community looks forward to future developments from Gold Reach.

To learn more about Gold Reach Resources, visit www.goldreachresources.com.

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Companies

Symbol Name Price Change % Volume
GRV:CA Gold Reach Resources Ltd. 0.12 0.01 4.55 15,240

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