Nord's Gowganda Tailings Revived by Silver Price Surge

Nord Precious Metals Mining has outlined a significant silver resource in its Gowganda project in northeastern Ontario. The company estimates that the project hosts 1.85 million tonnes grading 47.4 grams silver per tonne for 2.81 million contained ounces.

The estimate covers the Main and South tailings deposits and two smaller outflow areas, using a 10-gram cut-off and assuming a silver price of US$65 an oz., which is currently the market price. The company also assumes an operating cost of $17 per tonne and silver recovery of nearly 82%.

Nord's CEO, Frank Basa, said that the company intends to 'put the value in these historical tailings back to work' by building a recovery business and using the cash flow it could generate to pursue further discoveries across its ground. The company is also working on engineering and permitting for the project.

The Gowganda project sits near the historic Cobalt mining district, which produced about 460 million ounces of silver between 1903 and 1972. Nord's resource update broadly confirms work completed more than a decade ago by GeoVector, but incorporates later sampling and drilling campaigns.