Plans for growth in mineral-rich Nevada
Fiore Gold is a growth-oriented US gold producer generating cash flow from Pan Mine in Nevada, organic growth from its adjacent Gold Rock project, and future upside from its Golden Eagle project in Washington State. In addition, Fiore controls a contiguous 200 km2 land package on Nevada’s prolific Battle Mountain – Eureka trend, with excellent exploration potential. The Company’s goal is to build a new mid-tier gold mining company. Further, they have an initial goal of becoming a 150,000 ounce/year gold producer through internal growth and strategic M&A.
Fiore’s first asset, the Pan Mine, is operating well. In fact, this gives the Company the firepower and the financial capability to develop its second project – Gold Rock, which is right next door. It’s also allowed them to continue to grow through some strategic mergers and acquisitions (M&A).
“It’s a very simple operation from a technological point of view. And that simplicity allows us to operate it in a way that generates cash flow from what admittedly is a relatively modest grade mine. But we’ve learned to mine it more efficiently,” says CEO, Tim Warman.
The Pan Mine is a Carlin-style, open-pit, heap-leach mine in east-central Nevada, approximately 28 km southeast of the town of Eureka, on the prolific Battle-Mountain – Eureka gold trend.
Moreover, Fiore’s predecessor company GRP Minerals purchased the mine out of bankruptcy in 2016 for approximately US$5 million, and immediately began a program to correct the operational issues that had impacted the mine under the previous owners.
“This is our third fiscal year in production. Between the first two years, we increased production by just over 20 percent. This year, we’re guiding that we’ll do somewhere between eight and 16 percent growth in gold production,” says Warman.
Fiore holds the Gold Rock Project through its wholly-owned subsidiary, GRP Gold Rock, LLC. Furthermore, the Gold Rock Project consists of a large 20,300-hectare contiguous land package on the Battle Mountain-Eureka Trend, anchored by the former Easy Junior Mine, which reportedly produced approximately 2.6 million tonnes at a grade of 0.89 grams per tonne for 74,945 gold ounces in the early 1990s.
Gold Rock is already federally permitted for mining. Additionally, only eight miles away, it will essentially be a satellite operation; sharing administrative and overhead costs with the Pan Mine. Advancing exploration and development of Gold Rock is also a key part of the corporate strategy.
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