completed an agreement to acquire the Ruby Mine in April of 2021, from Sierra Gold LLC. The Ruby Mine is one of California’s best-known buried placer mines, and is considered by many to be one of the largest producing river channel mines of modern times. It features a system of gold-bearing tertiary channels that have been reported to have already produced over 250,000 ounces of gold. Placer refers to mining the buried watercourse riverbed. There are 3.5 miles of river channels yet to be mined on the Ruby mining claims. Historically the channels have produced up to 106,000 oz per mile, indicating a potential of 370,000 oz of gold still to be mined from the buried placer. Ruby Mine has an established treatment facility already in place with both water and power, that Discovery will make fully operational in the initial phase of their mining plan.
In addition to the well established placer ore that will be mined initially, one of the most exciting features of the Ruby Mine is the large greenstone belt formed in the Archean Age that is largely unexplored and is the source of the placer gold. The Discovery Minerals Geologists will be investigating this greenstone belt. Using modern geological concepts & technologies that have emerged around the world in other gold mining areas, Discovery Geologists by starting new operations adjacent to and underneath these previous operations and with careful evaluation and a judicious drilling program that substantial new resource maybe be uncovered.
The Ruby Mine is located between Downieville and Forest City, in Sierra County, California, approximately 100 miles north of Sacramento and 90 miles west of Reno, NV. The property covers approximately 1,755 acres consisting of the subsurface mineral rights and mining claims.
Turn-key gold mine with current permits, active reclamation bonds, and extensive infrastructure—including onsite placer and quartz processing mills. PG&E power on site.
Approximately 4 miles of un-mined, gold bearing gravel channels identified on the property. Geologists estimate gold resource potential of over 150,000 ounces.
Newly developed mining plan projects a total capital expenditure of $1.5 million to fund an operation to profitable production in year 2 and a target production rate of 10,000 oz/year.