Saphira Sees Potential in Bright Star Property Following South Railroad Mine Approval
Saphira, Inc., the owner of the Bright Star Property in the Carlin Trend, is optimistic about its prospects following Equinox Gold's announcement of a positive Record of Decision for its South Railroad Mine project. The mine has an estimated net present value of $1.7 billion at a 5% discount rate and $4,500 per ounce gold price.
The Dark Star and Pinion gold mines are expected to produce 130,000 ounces of gold per year. Bright Star spans the one-mile gap between these two mines and is 100% owned by Saphira. President William Fuchs, a Ph.D. geologist, believes that the abundance of geological, geochemical, and geophysical data collected over the years indicates that Dark Star and Pinion are connected through Bright Star.
Fuchs expects the gold to follow this connection, saying, 'We have already proven that these three hydrothermal systems are connected; we expect the gold will follow.' Saphira is also hopeful for a future announcement from Equinox regarding results from drilling on its Hidden Star gold target/discovery, which lies close to Bright Star's block of 18 claims.