Bob Moriarty of 321 Gold highlights BCGold, a company that he believes its promising land package in Peru makes it a good buy in this market.
Almost ten years ago I went to central Peru some sixty-five miles east of Lima to see an area that had been abandoned when the Shining Path guerillas moved in. The Chanape Mining District was home to some of the best mining projects and mines in Peru. All were abandoned when the Shining Path moved in. When the leader of the Shining Path was captured and thrown so far in prison that they have to feed him with a slingshot, mining companies began to come back into the region.
A Vancouver mining company with the unlikely name of BCGold Corp. (BCG:TSX.V) did a deal with a private company to acquire a 100% interest in a package of 5,785 hectares of mining concessions in the area by agreeing to issue the vendor a total of 30,000,000 shares over time. They issued 6.67 million shares to the owners in August when they closed the deal and made a cash payment of $60,000.
The various concessions hold a variety of past producing base metals and gold/silver mines. I’ve been on the ground. The tailings and what was waste rock would be economic today. There is a lot of metal there.
BCGold intends to advance the properties so they can do a deal with a major or midtier mining company to develop the projects. They began a mapping and surface sampling program in mid-September. The $200,000 Phase One program is hoped to confirm the presence of Chanape-type breccia pipe mineralization. A $225,000 Phase Two program will consist of a 3D Induced Polarization study to locate drill targets.
I lost track of how many projects I have visited over …read more