Goldrock Mines Corp. is a mining development and exploration company led by a team of experienced mine developers, explorers, financers and deal-makers. Exploration activities have been focused in the Puna of northwestern Argentina, predominantly in the province of Salta, since August 1994. Goldrock was one of the first companies to commence exploration in this area when Argentina changed the mining laws to attract foreign investment. With its early land position, Goldrock was well positioned for the exploration and development of several highly prospective targets.
In 1999, the Goldrock exploration team discovered the 100% owned Lindero gold property and subsequently completed 121 diamond drill holes for 34,656 metres with the deepest hole reaching 510 metres from surface.
In March 2010, the Company announced results of a pre-feasibility study conducted by AMEC Americas Limited demonstrating the robust economic nature of the Lindero gold deposit based upon a 1.9 million ounce gold reserve.
A full feasibility study on the Lindero deposit was completed in May 2013 by Kappes, Cassiday & Associates ("KCA"), Mine Development Associates ("MDA") and AMEC Americas Limited. The feasibility study demonstrated a straightforward mining project including a shallow open pit mine, three stage ore crushing, conventional heap leaching, and a carbon adsorption-desorption-recovery processing plant for precious metal recovery.
In February 2016, the Company announced the results of an updated feasibility study using a gold price of US$1,200, undertaken by a consortium comprised of SAXUM Ingenieria S.A. and KCA with the open mining portion completed by MDA. The updated feasibility study indicates that the Lindero Project represents a robust, rapid pay-back, high margin, twelve year open pit mining and heap leach project that works in the current gold price environment. As an integrated part of the updated feasibility study, the Company completed basic engineering for the construction stage of the project which involved over 22,000 man hours with leading engineering firms and produced over 250 engineering drawings. With the delivery of the HPGR crusher into the country, the project has been materially advanced and is ready for site construction.
Goldrock also completed a 13 hole (2,983 metre) diamond drilling program in 2013 on its 100% owned Arizaro gold-copper porphyry discovery, which is located immediately adjacent (3 km southeast) to the Lindero deposit. The Arizaro porphyry system, as defined by drilling, surface sampling and mapped alteration, covers a 600 metre by 500 metre surface area. Gold-copper mineralization occurs from surface to a true vertical depth of 300 metres and remains open for expansion in all directions. The Company had previously tested the discovery with 16 diamond drill holes, all of which had significant mineralized intercepts with numerous thick sections greater than 100 metres with grades greater than 0.30 g/t gold and 0.15% copper, and with one hole returning 48 metres of 1.38 g/t gold and 0.36% copper. The 2013 drilling program extended the high grade gold mineralization 65 metres to the north in addition to extending the high grade zone a further 50 metres to the south. In 2013, the Company released a maiden NI 43-101 report on the Arizaro project which included an Indicated resource of 338,000 gold ounces (30.95 Mtonnes @ 0.34 g/t Au using a 0.2 g/t Au cut-off grade) and an Inferred resource of 230,000 ounces (27.37 Mtonnes @ 0.26 g/t Au using a 0.2 g/t Au cut-off grade). Within the reported resource is a higher grade Indicated resource using a 0.3 g/t Au cut-off grade of 205,000 ounces (13.40 Mtonnes @ 0.48 g/t Au) associated or adjacent to a magnetite breccia. The Company is now assessing the potential of the deposit to provide higher grade gold resources that could significantly extend the Lindero mine life and/or increase Lindero's annual production profile.
The published NI 43-101 Lindero Resource Estimate (Feb 2016) currently stands at 2.14 million ounces Measured and Indicated grading 0.57 g/t Au and 0.6 million ounces Inferred grading 0.41 g/t Au at a cut-off grade of 0.2 g/t Au, and a Proven and Probable reserve of 1.684 million ounces grading 0.63 g/t Au at an average cut-off grade of 0.25 g/t Au.
Lindero is one of a few fully permitted, shovel ready gold projects poised to commence construction in the world. The Company is well positioned to secure mine construction financing, an accretive merger transaction, or attract joint venture partners.