Cost of Mineral per oz.:
The Gold Road Mine was discovered in 1900 in Mohave County, Arizona. Located 15 miles (24 km) northeast of the Arizona-California-Nevada border, Gold Road is situated in Arizona’s greatest primary gold producing district.
The Gold Road property consists of 279.07 acres (112.74 ha) of 18 patented claims, 4 patented mill site claims totalling 20 acres (8.08 ha) and 1,820 acres (735.28 ha) of 91 unpatented claims fully owned or controlled by Para Resources Inc et al. Para also has under lease from Cruski Mines an additional 14 patented claims totalling 466 acres (188.26 ha). Total acreage owned or controlled by the Company is 2,603.07 (1,051.64 ha).
Para Resources Inc. owns 88% of its subsidiary Gold Road Mining Corp. Para acquired the mine, patented claims, a 500-ton/day CIP mill and an ore-processing facility, built on private land in 1995, including all rolling stock, vehicles, laboratory and other assets for $7 million.
Since its construction, the mill has operated about one-third of the time and remains in pristine condition. During an extended circuit test in Q1 of 2019, the mill and CIP plan operated as planned and achieved doré production.
The Gold Road Plant and CIP mill successfully started in late October of 2019 and very quickly achieved continuous and stable operation at 454 mt/day (500 short tons per day), with recoveries averaging 90% during the first month of operation.
Since the beginning of June 2019, when the new mine plan was put into effect, Gold Road has completed a new secondary escape route from the lowest levels of the mine, and over 700 meters of development to create new production faces, improving and extending an additional 50 vertical meters of the existing main decline.
The Gold Road mill was restarted in October 2019 with production from five development faces. The mine is rapidly advancing towards developing multiple production stopes. A gold production rate up to 3,000oz per month is expected to be achieved by Q3 2020.
Para has also acquired a contiguous land package containing the Gold Road vein and the Tr-Ue (Tom Reed-United Eastern) vein. The sub-parallel vein averages 1,500 meters of separation. Historically, the Tr-Ue vein has been held by multiple landowners, and this is the first time it has been consolidated, under the ownership of Para Resources.
The Tr-Ue vein historically produced 1,750,000 tonnes at an average grade 23.7 grams of gold per tonne producing over 1,300,000 ounces in the 1920s to 1940s.
The Gold Road mill is located approx. 5 kilometres on a paved road from the historical mine portals. The mill is permitted to process up to 900 tonnes per day (1000 short tons) and can accept material from the Tr-Ue vein. Para has successfully completed an initial drilling program on the Tr-Ue vein in order to verify and align with a significant database of historical mapping and to support future exploration plans.