Franklin Mining to Employ Eco-friendly Gold Processing Service and Extraction
Carson City, Nevada--(Newsfile Corp. - June 8, 2021) - Mr. Giovanni Viscarra, a geologist contracted by Franklin Mining (OTC Pink: FMNJ), has submitted his findings to CEO William Petty and the mining company plans to proceed with future mining and processing efforts. Mr. Petty has been researching co-operative and private operations and cultivating relationships with Bolivia's mining co-operatives, located in La Paz, Tipuani, Mapiri and Guanay areas since 2013. These areas are where initial testing was carried out by means of tailings processing using smaller, research- oriented machines operating under the same basic technical principles of the new, larger machinery being built and shipped to Bolivia later this year.
Typical gold metallurgical recoveries achieved by Bolivia's artisanal miners are of 40-50%, which is accomplished by utilizing antiquated gravity circuits. Despite this, there are hundreds of profitable operations in the region, resulting in the high presence of gold-rich tailings. Franklin Mining will have access to modern processing technologies, by means of which estimated recoveries of up to 90% can be achieved. The proposed processing method utilizes only gravity and involves no leaching, which reduces costs along with the negative environmental impact. Alluvial deposits in the area traditionally have high clay content contributing to the poor metallurgical recoveries co-operative miners are currently obtaining. Franklin Mining plans to use a plant for processing built to specification in order to avoid these issues that were encountered during the 2015 Pilot Program.
The chosen area has a long history of profitable alluvial mining, with modern operations dating back to 1920. However, the area has been mined since pre-Colombian times. Statistics from SENARECOM (Servicio Nacional de Registro y Control de Comercializacion de Metales y Minerales/National Service of Registration and Control of Marketing of Metals and Minerals) indicate a weekly production of 300Kg of gold from the Tipuani and Guanay area. In recorded history, it has produced an estimated 35 million ounces of gold.
According to the latest report from the geologist, the area is highly prospective, with co- operatives constantly expanding to new mining prospects. An American mining company, Golden Eagle, has mined the area previously, declaring a proven reserve of 6.4 million ounces at an average grade of 5.4 g/t. in 1998.
When discussing the future of Franklin Mining, CEO William Petty said, "At FMNJ, we have assembled a team which has all the necessary skills and experience to successfully implement our business plan. Our model is safe and adheres to strict risk-management policies as it involves acquiring and managing mobile units in producing mines with whom we have a preexisting relationship."
Franklin Mining will focus its production efforts on high grade areas where the company has strong relationships with the co-operatives who hold the mining leases such as FERRECO, the largest of the two co-operative gold miner's associations in La Paz. There are also pre-existing agreements with producing mines located in the Tipuani River who have a history of production and a tradition of fair play.
The Agreement format used to work with the local co-operatives is one where Franklin Mining, assisted by a local partner company, will provide Tailings Processing Services (including all CAPEX and OPEX) to the co-operative partners for a percentage of the Gross Production obtained from processing the aforementioned tailings.
Mr. Petty summarized his future plans by saying, "I hope processing to commence in September 2021. After initiating operations, one more processing unit will be purchased and assigned to either the same area or a very attractive zone in the Pre-Cambrian shield, in the part of the country close to Santa Cruz."
Safe Harbor Act: This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward- looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/86878