Little Squaw placer gold mine hits production highs in 2016

Goldrich Mining Co. Sept. 26 provided an update on 2016 operations at the Little Squaw placer mine in northern Alaska.

Through Aug. 31, 8,570 ounces of alluvial gold, for approximately 7,000 oz. of fine gold, has been recovered from the mine in 2016. This reflects a roughly 95 percent increase in gold recoveries compared with output during the entire 2015 mining season.

Production for the year continued through Sept. 21 and final production numbers for the season will be released after all smelter settlement documents have been received.

The Squaw Creek Mine is operated by Goldrich NyacAU Placer LLC, a 50-50 joint venture owned by Goldrich and NyacAU LLC. Prior to the formation of the joint venture, Goldrich outlined about 250,000 oz. of gold in a 10.5 million cubic yard alluvial deposit in Little Squaw Creek, averaging 0.25 oz. per ton gold.

Goldrich said 5,540 oz. of the placer gold recovered this season was from outside the delineated deposit.

To date, some US$26 million has been invested to develop the Little Squaw Mine.

All initial capital expenditures are being funded by NyacAU under terms of the joint venture agreement.

-SHANE LASLEY