Ownership of the Harmony gold project in British Columbia is now consolidated into Misty Mountain Gold (TSE), following its merger with Romulus Resources.
Misty Mountain rolled back its shares on a 1-for-10 basis, after which Romulus shareholders received 0.425 of a post-consolidated share for each share held.
Misty now has 7.7 million shares outstanding, or about 9.2 million on a fully diluted basis.
The company is in the midst of a 25,000-ft. drill program on the Harmony gold property in the Queen Charlotte Islands of British Columbia.
Previous operators on the Harmony project, then called Cinola, outlined a large, low-grade, potentially open-pit deposit estimated to contain 34.5 million tons grading 0.064 oz. gold per ton.
Development of the deposit was stalled, owing to environmental concerns over acid-rock drainage, as well as low metallurgical recoveries. As a result, the former operators abandoned the project.
Misty is focusing on Harmony’s high-grade gold potential on the premise that an underground mine would have a much less severe impact on the surrounding environment than the previously proposed open pit.
The potential of the deposit to support an underground operation is reflected in historic drill results, which indicate the presence of high-grade gold zones.
In addition to the current program, the company is conducting grassroots exploration on the rest of its claim holdings, having already identified several priority targets.
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