Canada-based Dalradian Resources Inc (TSA:DNA) is on track with its Northern Ireland Curraghinalt gold mining project and should begin underground drilling early next year, according to CEO Patrick F.N. Anderson. He was speaking at the Canaccord Genuity Global Resources Conference 2014 in New York, held at the New York Palace Hotel.
“The government in Northern Ireland is receptive to what we want to do,” said Anderson. That reception has been more than talk — Dalradian has also received a $590,000 grant to support local job training efforts during the permitting and exploration phase of the project.
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Curraghinalt is a high-grade lode gold deposit with over 84,000 hectares under license, Anderson said. It was acquired four years ago. It is “a high margin deposit, with a low capex to build, and we’ve closed about $40 million in financing this year alone,” Anderson said. “It’s leaving us in a good position to push forward with our plans. We hold nearly 10% of the land mass in Northern Ireland in terms of the mineral rights and have only touched a small part of it in terms of potential.”
The company has started surface work at Curraghinalt, with some underground development to begin next month. Underground drilling will be started early next year, Anderson said. The EIA is anticipated to be approved next fall, with government approval slated to follow.
“It’s a pretty thorough permitting process,” Anderson said, although noting that it was transparent. There is minor opposition to the project locally, but Anderson claimed 800 letters in support and government enthusiasm for the jobs that will be created.
Current estimates are production of 145,000 gold ounces/year from the location, with cash costs of $532/ounce or $125/ton. The company has a cash position of $39 million as of August 6, 2014, with outstanding shares of 140 million and fully diluted of 176.7 million as of the August date, Anderson said.
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