Borealis Mining Company [TSXV:BOGO] has completed a second pour of gold and silver doré from ongoing heap-leach operations at its Borealis mine in Nevada, as the Toronto-listed junior pushes ahead with early-stage processing of its stockpiled oxide material.
The company said last week it had produced 42.83 pounds of doré, equivalent to 617 troy ounces, following the latest cycle of crushing and leaching at the fully permitted site near Hawthorne. Borealis is awaiting assay results to determine the metal content of the bar, though preliminary indications point to an approximate 50–50 split between gold and silver, alongside trace waste metals.
The pour follows the company’s restart of processing earlier this year using historical stockpiles, part of a broader push to resume full-scale production after more than a decade of limited activity at the asset. Borealis said it had now crushed about 153,000 tons of oxide material, with gold and silver continuing to be absorbed into the site’s carbon-in-column system. Additional pours are expected before year-end.
- ESGold’s AI experiment points to district-scale gold at Montauban
- Blue Lagoon ships first ore from Dome Mountain
- Atlas Salt taps Hatch for the Great Atlantic Salt Project
In parallel with the production update, the company confirmed it had completed its annual stack testing, a regulatory requirement designed to ensure the processing plant is operating within environmental standards. The company said all testing complied with applicable rules.
New equity incentives for Borealis personnel
Borealis also announced a package of equity-based incentives for management, staff and contractors, issuing 2.3mn stock options and 158,500 restricted share units under its long-term incentive plan. The options, priced at C$1.63, carry a five-year term, while the RSUs vest after one year. Shares issued upon the exercise of the options will be subject to a four-month holding period.
The Borealis mine property, an historically producing open-pit heap leach operation with more than 600,000 ounces of past output, has existing infrastructure including leach pads, open pits and a functioning ADR plant. The site has been largely underexplored for more than a decade, with little drilling since 2011 aside from new work conducted by Borealis in 2024 and 2025. The company describes the ground as highly prospective, citing both high-grade expansion opportunities and untested regional targets.
Expansion will require permit modificiations
A February 2024 NI 43-101 report by SRK Consulting outlined the project’s status and confirmed its existing federal and state permits for mining and processing. Borealis cautioned, however, that any future expansion would require permit modifications, with timelines subject to regulatory review.
Beyond the flagship mine, the company is also advancing the Sandman project, acquired through its purchase of Gold Bull Resources. Sandman, located in northern Nevada, has a 2021 NI 43-101 resource estimate and a 2023 preliminary economic assessment that Borealis says shows strong economics amid higher commodity prices.
Borealis’ board and management include several figures with past experience founding and exiting North American mining companies. The group is positioning the Borealis and Sandman assets as a combined platform for renewed gold production and exploration in one of the world’s most prolific mining jurisdictions.
Comments (0)