South American Gold has assembled a nice portfolio of gold and silver exploration interests, both at home here in the U.S. with their New Light Mine gold-silver project up in northern Washington State, the Baltimore Silver project in Montana, the newer Kelly Project group of mining claims in western Montana, and the GB-2 mining claims in Arizona, as well as abroad in Colombia via the Narino Department in the south and the Santacruz Gold project. Today the company was pleased to offer markets a sweeping update on their 2013 activities and developments.
The company is hard at work vetting existing interests, establishing exploration vectors where appropriate or holding/disposing of mineral property interests, all while continually scouting for new potential acquisitions. Spurred on by recent positive results at their GB-2 claims, as well as at the Baltimore Silver Mine project, which was expanded by 40 acres at the end of last year (Aug 23, 2012), SAGD is rigorously prioritizing right now and going over at the permitting end of things at GB-2 and Baltimore.
Furthermore, SAGD is openly seeking JV options for their projects and they are confident that potential JV partners will be as pleased with the progress the company has made as is SAGD's management. The market is obviously ridiculous right now for junior miners and exploration is dicey at best, so it takes good deposits, share structure, and personnel to bring investors to the table, and SAGD is shopping various financing alternatives around right now to beef up their working capital position even more. The second half of this year should see improved buzz generation from the company as they reach out for market awareness and leverage their strong position to generate business development traction that will lead to cash flow and/or assets that will further improve shareholder position. SAGD isn't fooling around either and they openly invite shareholder inquiry as well as review of their relevant filings.
Looking at the details disclosed in today's report we see that the Baltimore Silver Mine project is doing quite well, with recent activities having culminated in comprehensive sampling of extant tailings and dump material, producing results in line with projections that place Baltimore near the head of the pack as a potential silver producer. Mining here stretches back to the nineteenth century and SAGD is very bullish, pegging a local mining engineer to handle the permit application builds and laying out the budgetary leeway for a rehabilitation of tunnels to get at the underground workings, as well as allow for a more detailed sampling.
GB-2 is the other really strong lead among the company's projects. Again, as with Baltimore, we have extensive historic mining, here on a district scale and with on-site breccia pipes and other sweet geology, as well as geologic evaluations in-hand that have helped create a clear target map for quantifying grade extent and depths. The next step at GB-2 is setting out their data into a more refined plan of operations for approval, but this should go smoothly, as they have essentially confirmed the legitimacy of their plan already via the evaluations.
The Kelly Project group of mining claims looks good and the company has slated surface sampling for this year, as well as an in-depth review of the existing adits, with a mind towards resolving a more complete channel sampling program in the immediate future. Small scale production looks doable here and SAGD is currently going over the potential budgets and permitting requirements, including whether or not previously granted SME exploration approval will work for one part of the site.
The New Light Mine project has seen delayed activity on account of the bad weather conditions up in northern WA, but the company is looking at expanding their position here this summer and has put together a small plan for additional explorative efforts.
For more information on South American Gold, visit SAGoldCorp.com
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