Open-pit mining is a technique that is used by mining companies to extract large amounts of mineral rich materials from beneath the surface. It is a term that is used to differentiate the method of recovering precious metals, stones, and minerals from beneath the earth’s overburden.
Golden Touch Resources (GOT.V) is a company based out of Vancouver, British Columbia, with hopes to develop a number of open-pit mining sites to extract a recently discovered mineral rich area located in northern Albania for gold, chromite, and platinum group elements. The market timing in the hunt for gold, chromite, and platinum couldn’t be better. Gold is the precious metal we all have heard about with recent record breaking trading prices just under $1500 per ounce. Chromite, on the other hand, is the key ingredient in high grade and stainless steel. It is essentially the ingredient that gives the steel its shine. With an estimated net present value of over $200 million dollars’ worth of Chromite lying beneathGolden Touch Resources’ Albanian mining claims, this asset is one of the key factors to the company’s luster in today’s international mining markets.
The other major factor in the rising popularity of Canadian mining company Golden Touch Resources (GOT.V), is the fact that they are now conducting what is called verification drill testing on their most promising gold project, The Gjazuj Gold Project, located in the mineral rich VMS(Volcanogenic Massive Sulfide) district of northern Albania. Verification drill testing will be done to confirm the reports that a sizable gold deposit lie’s just beneath the surface of the claims. Rumors are also surfacing that the amount of gold in the zone could be much greater than 400,000 ounces in size. Previous drilling at the same site being presently tested, uncovered very high gold grades with results as high as 7 meters of 9.5 grams per ton Au (gold) at a depth of less than 50 meters from the surface. At the same district, surface trenching was conducted and assay results revealed that grades as high as 6 meters of 6.3 grams per ton and 9 meters of 3.3 grams per ton Au (gold).
With Golden Touch Resources finding these kinds of gold grades at depths near surface, we could only predict that the preferred method of extracting this resource(if indeed it’s found to be economical) will be that of open-pit mining procedures. Usually open-pit procedures are used to retrieve metals and minerals on a low cost basis for deposits that are found near the surface. Open-pit mining techniques extract large amounts of mineral resources until further mining is no long economical due to the depletion of the resource.Golden Touch Resources has conducted a pre-feasibility study for the proposed chromite district open pit mine sites and have outlined a definitive 20 year mine life in their planned careful extraction of the mineral.