General Precious Metals
Kore Mining (TSX-V: KORE)(OTC: KOREF) CEO Scott Trebilcock on $8 million Financing and Building a 350k Oz/yr Producer
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of Kore Mining, The very busy, Mr. Scott Trebilcock. Scott, how the heck are you? You're busy?
Scott Trebilcock: Oh, just doing great Gerardo. Life's good. Just pulled the trigger on a financing to fund drilling and that all should have us off to the races here in 2021.
Gerardo Del Real: Let's start there. You just announced it, but I understand it's already a fully subscribed $8 million bought deal offering. I think the entry point is excellent. I think the flexibility it will allow for you as far as adding value via the drill bit is excellent. But give us the details. I understand Eric Sprott decided to come in for his full allocation and is happy to continue to do so, so all positive things, right?
Scott Trebilcock: Yeah, absolutely. So, we raised the $8 million because we're getting down to the short strokes of starting a drill program at our Long Valley project, and got to start securing drillers and committing to meters so we needed the capital. I've got a bought deal off, which shows strong demands of the company. Eric came in for his 26%, so continue to own 26% of the company. They're backing the company and seeing us add value to the assets.
Gerardo Del Real: You have a very clearly stated goal of becoming a producer that can produce 350,000 gold ounces a year as it stands now. Right? This is before any drilling. You also have a very clear goal in discovering new multi-million oxide gold deposits. You had some news on the 13th of April, that I think kind of flew under the radar a bit because it's earlier stage, but you discovered some gold in dry stream beds on newly staked ground between the Imperial and the Picacho deposits. Can you tell me a bit about that?
Scott Trebilcock: Yeah, absolutely. So, just stepping back, the entirety of the 2.2 million ounce oxide gold resource in the project, it was all contained in the, right in the smack in the center of a 28 kilometer gold trend that was owned by Newmont and Gold Fields in the 1990s. The gold price went down to $250 an ounce, all this ground got left behind, they never did a lot of work on it. So we're going in and using the sort of fingerprint of having an intact deposit at Imperial to look under sand and gravel cover, because we're blind to bedrock, to make some discoveries. We went out into this 28 kilometer trend and we have found various anomalous gold and sediment samples up and down the trend.
Most recently, as you mentioned, we found the strongest anomaly we found yet, but it trended off our property. So, that triggered us to go stake another 4,600 acres, brings us up to 31,000 acres of ground. It's wide open to discover new multimillion ounce oxide gold deposits. While our guys are out there, you know, this is after 120 years of gold mining in Imperial County, there's still guys out there with metal detectors pulling gold and pulling gold nuggets. So, this is still an actively prospected placer area, shows you the gold generation potential, and it's only just getting started because the only deposits ever been mined are outcrops. I'm super excited to get in there with the drill later this year and start testing some of these amazing targets.
Gerardo Del Real: Now that's fascinating, and to that end, you also had some news where you're advancing the drill permitting at Imperial. Can you speak to that a bit?
Scott Trebilcock: Yeah, absolutely. Our strategy was to go and permit a large program that would give us lots of drill capacity, far beyond what we could do in 2021, and probably quite frankly in 2022. We're permitting, I think 168 drill pads to go test some of these exploration targets.
Move in, do some step outs on the current resource, and that required us to do what's called a plan of operation. So, that's the highest level permitting activity you can do with the BLM, which requires a full environmental impact assessment. That's good because it gives you strong social license to go out there and work, but it takes time. The MOU we announced is, basically fixes your timeline because it's an agreement from the federal regulator, the Bureau of Land Management, that fixes how you're going to do all the work, puts you in control of the consultants that are out there doing all the work for the BLM so they can complete that environmental assessment. So we expect all that to wrap up and have our permits, back half of the year and to be drilling some of these great targets in Q4, after we wrap our drilling at Long Valley.
Gerardo Del Real: Sounds like a lot of drilling, a lot of news flow between now and then. Thank you for that thorough update. Is there anything else that you want to add, Scott?
Scott Trebilcock: Well, yeah, I'll touch really briefly... The most near term news flow in the company, we are expecting a drill permit for our Long Valley project. To get up there and start growing the great deposit we have up there and testing for high-grade sulfides underneath. So I think, keep your eyes open for some incredible results coming out of Long Valley as well.
Gerardo Del Real: Well, we've spoken a bit and I'm looking forward to a site visit here in the next couple of months. I'm looking forward to getting back out and taking a look. I haven't been to either project, I understand the infrastructure is excellent, and I'd love to get out there as the drills are turning.
Scott Trebilcock: Absolutely. I got my jabs, so we're currently mobilizing back to the stakes starting in June, so we're going to be starting having tours again. I'm really looking forward to it and love to have you out there.
Gerardo Del Real: Wonderful, same and looking forward to it as well. Thank you so much Scott, we'll chat soon.
Scott Trebilcock: Yep. Thanks Gerardo. Cheers
Gerardo Del Real: All right, bye now.