Bonanza Mining Company to start Construction April 2020
Bonanza Mining Company expects to start production on the Harquahala Mine Reclamation Project June 2020
The Bonanza Project is TMBXF most current investment. The project will be in partnership with Richard Moores, CEO and Director of Goldrock Resources, Inc., and Todd Fayram, Director of Goldrock Resources, Inc., who have a 60% majority investment in the project. TMBXF is required to invest $3.56m to recover the gold from the first phase of construction for the initial 40% interest. Tombstone is also to receive 80% of the revenue until the return of this investment is paid back.
The Bonanza Mine property includes the Harquahala and Golden Eagle mines, located approximately eight miles south of Salome, Arizona. The project totals 2,656 acres and has significant underground workings, from which some 180,000 -200,000 ounces of gold were reportedly produced from high-grade ore in the late 1800’s and early 1900’s. Mined rock and tailings from previous operations represent an additional potential resource. Tombstone Exploration is in an investment partnership with Goldrock Resources. Tombstone is investing to earn a 40% participation in the initial phase of development at Bonanza, with the subsequent right to participate and gain a larger interest in the exploration and development of the entire package. CDM Smith has been hired to initiate permitting for the first phase and is now complete. The Harquahala mine was noted as one of the richest mines in Arizona. Just to give you an idea of the quantity and quality of the gold found there in 1888 — it was first found above ground in slabs often as big and as thick as the palm of your hand in cracks in the big boulders. The gold found there was often in big deposits like this and at other times it was spread out through rich areas of rock.
Initial Target Phase 1: 26,000 – 50,000OZ Gold (Au), estimated production: June 2020. This First phase is expected to take 6 – 9 months to completion. Exploration Phase 2: 1m – 1.5m oz of Gold (Au) overall Potential.
Latest Press Release for approval of all Required Permits
TMBXF a fully reporting U.S. based mining company, is pleased to announce in combination with Goldrock Resources Inc. and the Bonanza Mining Company that the Mandatory Bond Cash deposit has been received by the ADEQ in the amount of $208,514.00.
TMBXF a fully reporting U.S. based mining company, is pleased to announce in combination with Goldrock Resources Inc. and the Bonanza Mining Company that the ADEQ proposes to issue an Aquifer Protection Permit for the Bonanza Mining Company.
TMBXF a fully reporting U.S. based mining company, is pleased to announce that the Arizona State Mining Inspector has verified all criteria required to commence operations on the Bonanza Mining Project have been met. Tombstone has completed all steps of the permitting process and is awaiting the approval of the final necessary permit to begin construction. Extensive exploration of the property has revealed significant gold and silver reserves, as previously described in the December 18th press release.
TMBXF a fully reporting U.S. based mining company, in combination with Goldrock Resources Inc. and the Bonanza Mining Company, announced today that the permits are expecting final approval in January 2020 and once approved, this will allow the construction of the leach pad to begin on their Bonanza mining project. The initial portion of the Phase One leach pad will accommodate 500,000 tons of already mined material that have been tested to show upwards or more of 26,000 – 50,000oz of gold. This has a valuation of over $50 million USD at current market price.
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