News Release Highlights:
- Green River Gold Corp. ("the Company") has commenced mining operations on one of its 100% owned, fully permitted claims on the Swift River.
- The commencement of revenue generation from this mining operation is a major step towards the Company's goal of self-sustaining cash flow from operations.
- The commencement of placer gold mining is another step in the direction of the simultaneous advancement of the Company's critical minerals and precious metals properties.
- All equipment has arrived and is in place and operational.
Edmonton, Alberta--(Newsfile Corp. - June 24, 2024) - Green River Gold Corp. (CSE: CCR) (OTC Pink: CCRRF) (the "Company" or "Green River") has commenced the placer gold mining operations on its 100% owned, fully permitted, and bonded Wabi claim on the Swift River. The Swift River claims are located approximately 45 minutes from Green River's field headquarters in Quesnel, British Columbia. The placer gold mining project is intended to provide immediate cash flow to the Company while it continues to explore its longer-term mineral growth projects with a focus on both critical minerals and precious metals. The Company has very strong growth platforms with the Quesnel Nickel critical minerals project and the Fontaine Gold and Kymar Silver precious metals projects. The next phase of drilling will commence shortly on the Quesnel Nickel Project. Unlike Green River's longer-term projects, placer gold mining can generally be permitted and operational within a short period of time. Green River believes that the timing is right to create cash flow from some of its 1,112 hectares of placer mining claims.
Figure 1. Placer Mining Equipment on The Wabi Claim
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About Green River's Swift River Placer Mining Claims and Plans
Green River holds six contiguous placer mining claims totaling 255.94 hectares straddling the Swift River, a river which has a significant history of placer mining production dating back to the Cariboo Gold Rush in the 1870's. The Company also holds placer claims on several other creeks and rivers in the Cariboo Mining District. Several of the placer properties are already permitted and bonded. The placer properties owned by Green River are shown in Figure 1 against the backdrop of the Company's 200 square kilometer Quesnel Nickel/Fontaine Gold mineral property.
Figure 2. Placer Property Location
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The Company has held its Swift River placer claims for several years, along with placer claims on other well-known creeks and rivers in the Cariboo Mining District. Some of the claims have been rented to other miners in the past for cash rent. With gold prices currently near all-time highs of above $3,100 Canadian, it was decided that it was time for Green River to mine the Wabi claim on its own. Green River may choose to mine some of its other permitted placer claims in the future. The goal is to achieve self-sustaining cash flow from operations which will allow the Company to apply any funds raised in the capital markets directly to exploration activities. The Wabi claim is located along the Swift River and is shown in Figures 2 and 3.
Figure 3. Wabi Claim Location
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Green River is uniquely positioned to efficiently mine the placer claims because of its relationship with its privately held affiliate, Gold Rush Supplies Inc. The two companies share space in a fully equipped shop and office building located in Quesnel, approximately 45 minutes from the Swift River placer claims. Gold Rush Supplies Inc. builds placer mining equipment and provides mining supplies from a retail and shop location in the shared facility. The fully equipped shop and yard provides an excellent location from which to stage the mining operation and to handle all related administration and management functions. The Company's Qualified Person, Stephen P. Kocsis (P.Geo) has decades of experience in placer gold mining and has personally designed and operated placer mining operations.
The placer mining operation is being run by a team dedicated to that operation. It will augment, not distract from the Company's priority, which is exploration of its mineral properties, particularly drilling and trenching at the Quesnel Nickel Project.
Perry Little, Green River's President and CEO comments, "With gold prices at current levels, we see the possibility of creating significant cash flow from our placer mining assets. It is our goal to create sufficient revenue from operations to eventually cover at least our annual operating costs so that any money we raise in the capital markets goes directly to exploration or acquisitions. Our primary focus remains the Quesnel Nickel Project and our other mineral properties. In the meantime, any mining activity that produces cash flow for the Company benefits all our shareholders."
For more information on Green River Gold Corp. and the Quesnel Nickel Project, please visit our website or contact our investor relations team.
Qualified Person:
Stephen P. Kocsis (P.Geo) is the qualified person as defined by National Instrument 43-101 and he has reviewed and approved the technical information in this news release.
About Green River Gold Corp.
Green River Gold Corp. is a dynamic mining company dedicated to sustainable resource development and innovation in the mineral exploration sector. With a strategic focus on identifying and advancing high-potential mining projects, Green River Gold Corp. is committed to creating long-term value for shareholders and stakeholders.
Green River Gold Corp. is a Canadian mineral exploration company focused on its wholly-owned Fontaine Gold Project, Quesnel Nickel/Magnesium/Talc Project, and Kymar Silver Project which are located in renowned mining districts in British Columbia.
The Fontaine Gold and Quesnel Nickel properties cover an area exceeding 200 square kilometers and straddle a 32-kilometer length of the Barkerville and Quesnel Terranes. They are contiguous to Osisko Development Corp.'s mineral claim group containing a proposed mine location at its Cariboo Gold Project.
The Kymar Silver Project is located in southeast BC, approximately 28 kilometers west of the town of Invermere in the Golden Mining Division. The property is made up of two mineral tenures, totaling 1,625 hectares, along the southeast flank of Mount Catherine.
For more information contact:
Green River Gold Corp.
Mr. Perry Little - President and Chief Executive Officer
perry.little@greenrivergold.ca
780-993-2193
Additional information about Green River Gold Corp. can be found by reviewing its profile on SEDAR at www.sedarplus.ca.
Forward-Looking Information: This release contains forward-looking information within the meaning of applicable Canadian securities legislation. Expressions such as "anticipates", "expects", "believes", "estimates", "could", "intends", "may", "plans", "predicts", "projects", "will", "would" and other similar expressions, or the negative of these terms, are generally indicative of forward-looking information. Forward-Looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information.
In addition, the forward-looking information contained in this release is based upon what management believes to be reasonable assumptions. Readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain, and no assurance can be given that the expectations reflected in such information will prove to be correct. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.
The securities of the Company have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release is issued for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved any of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214137
SOURCE: Green River Gold Corp.
