Stronghold Metals Inc., in the exploration stage as of May 31, 2011, engages in the acquisition, exploration and development of mineral properties, primarily in South America. The company’s two main projects are the Eagle Mountain Gold Project in Guyana and the Tucuma Project in Brazil. In August 2011, Stronghold entered into a letter of intent to sell the Tucuma Project to Kensington Court Ventures Inc.
The Eagle Mountain Project comprises an area of approximately 5,050 hectares (12,480 acres) in central Guyana, 200 kilometers southwest of the capital, Georgetown, and 45 kilometers from the historic Omai Gold Mine. In September 2010, Stronghold entered into an earn-in and joint venture agreement with a subsidiary of IAMGOLD Corporation, under which the company has been granted the right to acquire in stages up to 95% interest in the property.
The company’s primary focus has been the accelerated development of the advanced exploration stage Eagle Mountain Gold Project. In November 2010, Stronghold filed an NI 43-101 reporting an inferred mineral resource of 18 million tonnes at 1.27 grams per tonne (g/t) gold, containing 733,500 ounces of gold (using a 0.5 g/t gold cut-off grade). More than 250,000 ounces of contained gold in this inferred mineral resource is hosted by oxide material (saprolite). The company reported in August 2011 that the project was on track to produce a preliminary economic assessment report or scoping study.
On March 23, 2011, the company announced a 15,000-meter drilling program. The program started in mid-April 2011 and was expected to take six to eight months to complete. The primary focus of the 2011 drilling program at Eagle Mountain has been to enhance the NI 43-101 compliant mineral resource with both exploration drilling to extend the mineral resource zone and definition drilling to increase the resource within that previously defined zone.
S&P Factual Stock Report coverage on Stronghold Metals, Inc. will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit www.strongholdmetals.com for additional information.
Let us hear your thoughts below: