More good news on Richfield Venture’s Blackwater Gold Project.
The local junior mining company reports 1.8 million ounces (oz) contained gold in preliminary indicated resource estimates, with an additional 2.34 million oz contained gold in inferred.
The project is located 100 km south of Vanderhoof.
“We went from a zero company two years ago after the market crash to worth over $300 million,” president and CEO of Richfield Ventures, Peter Bernier said.
The company’s estimated value is $286 million on a non-diluted basis, with it’s true net worth coming in at $347 million fully diluted.
“As a base cut-off grade of 0.4 gram per tonne gold, the estimated global indicated resource is 53.46 million tonnes at an average grade of 1.06 g/t Au containing 1.83 million ounces gold, with an additional 75.45 million tonnes at an average grade of 0.96 g/t Au containing 2.34 million ounces gold in the inferred category,” the first national instrument 43-101-compliant resource estimate release reads.
So what does that mean? Basically, there’s gold in them thar hills.
Estimates quote 4.17 million oz gold on the first resource estimate, a second resource estimate will be released late summer.
And, with gold’s current value of about $1,400/oz, the Blackwater Gold Project translates to about $400 million.
“It cost approximately $10 million to find this,” Bernier said.
“We got very lucky.”
Since January, shareholders have seen a 39 per cent increase in the value of their stock.
“A lot of people have made millions off our company,” Bernier said.
“Two years ago we were at 12 cents”
Richfield Ventures Corp. employs about 35 people between Quesnel and Vanderhoof. They also employ drilling contractors, engineers, environmentalists, First Nations liaison officers and wildlife consultants. Richfield Ventures Corp. Trades on the TSX Venture under the symbol RVC.
www.richfieldventures.ca.