Mining News: Active placer mining operations in Alaska

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Silverado Gold Mines Ltd. has recovered 26,879 ounces of placer gold from channel and bench deposits in the Nolan Valley through 2007. The largest nugget recovered from the property, located about 280 miles north of Fairbanks, weighed 41.35 ounces and was valued at $16,000 by weight, and sold for $50,000. Due to the coarse nature of the placer gold recovered, Silverado has begun exploration for the lode source of the gold. This season, the company completed 34 drill holes totaling 11,597 feet as part of its 2008 exploration drilling at Workman’s Bench, the company’s prime exploration hardrock target.

Goldrich Mining Company has 14,993 acres in mining claims that cover most of the Chandalar Mining District, about 190 miles north of Fairbanks. A scoping study of the Little Squaw Creek placer gold deposit outlines a resource of 8.8 million yards of gravel averaging .0246 ounces of gold per yard for a total of 216,602 ounces of gold. Goldrich has begun exploring the Chandalar property for its lode potential.