In yesterday’s trading, Discovery Minerals Ltd. (OTCPINK: DSCR) rose by 32.38% to conclude the session at $0.0139 a share. Compared to its average monthly volume of 202.12M, Discovery Minerals stock transaction volume was 237.27M. DSCR stock rose not on current news, but on new developments, it had recently.
What were those developments?
Discovery Minerals is an acquisition and development company, focusing on the acquisition of natural resources and cutting-edge technological developments through its subsidiaries. In order to ensure early positive cash flow from any projects undertaken, the DSCR Board of Directors has determined that these activities will be continued.
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Last week, Discovery Minerals announced it has reached an agreement with Sierra Gold LLC to acquire the Ruby Mine.
- DSCR’s geologists have started modeling all the possible resource targets for the property and producing a 3-D model.
- Many people consider the Ruby to be one of the largest buried placer mines that have produced in modern times, and to be one of California’s best-known buried placer mines.
- This system is said to contain more than 250,000 ounces of gold in Tertiary channels.
- A substantial amount of coarse and jeweler-grade gold is also found in this mine, with the largest nugget weighing 17 pounds or 201 ounces.
- The present Ruby infrastructure should be able to recover up to 134,844 ounces of gold using the identified channels in the near future.
- A placer deposit is a submerged riverbed that has been mined for a long time.
- Ruby mining claims have 3.5 miles of river channels that have yet to be mined.
- It is estimated that up to 106,000 ounces of gold have been produced from these channels each mile over the years, indicating a potential gold reserve of 370,000 ounces.
What else needs to be done?
The property acquired by DSCR has been known to have lode deposits as well as channels and quartz veins for years. So, further work is required by Discovery Minerals (DSCR) on the Ruby placer mine, as well as additional development and geological survey work.