LAS VEGAS, NV / ACCESSWIRE / June 25, 2019 / Bonanza Goldfields Corp. (OTC PINK: BONZ) has acquired the Fountain Head Mine. The property historically has produced gold, silver and base metals.
Fountain Head is in Stockton Hill, 15 miles north of Kingman, Arizona. The mine is downhill from the Company’s Summit Mine. In the past, ore from both the Summit and Fountain Head Mines was trucked to the Company’s Golden Gem Millsite for treatment.
If Bonanza Goldfields decides to rebuild the Golden Gem Mill, it will be necessary to develop an adequate tonnage of mineralized rock to fill up the mill so it can operate at a profit. Fountain Head is the company’s eighth mine located within a short haul from the Golden Gem Millsite. (The Golden Gem, Idaho, Broken Hills, Columbus, O’Brien, Daisy Twins and Summit Mines are also nearby.)
The Company noted that the price of gold is up 15% since present management was named in February, 2017. A higher gold price makes the economics more attractive for rebuilding the Golden Gem Mill.
Bonanza Goldfields’ Terminal Millsite, located in Chloride, Arizona, was formerly occupied by the Chloride Custom Mill. It is adjacent to the Company’s Molly Gibson and Arizona & Montana Mines. Terminal Millsite is also convenient to the company’s Badger, Hercules, Rambler, Payroll and Towne Mines.
An important decision for Chloride will be whether to rebuild the Golden Gem Mill, the Chloride Custom Mill, or both.
About Bonanza Goldfields Corp.: BONZ is a Las Vegas-based mineral exploration and mining company. We are exploring gold and silver properties located in the Thunder Mountain, Tonopah and Comstock Mining Districts of Nevada, and the Chloride and Oatman Mining Districts of Arizona.
Fred Bauman, General Counsel
SOURCE: Bonanza Goldfields Corp.
View source version on accesswire.com: