Gold Reef Mining Corp
Gold Reef Mining Corp., a Delaware corporation (“GRMC”), is a diversified exploration entity that has identified, secured and is implementing mining operations in rich resources of gold and other precious metals found in South Africa.
GRMC is a parent-subsidiary of Precious Metals Exploration Corp. (“PMEC”) formed on October 12, 2016, as a part of a strategic corporate restructuring plan to separate operations of gold and platinum-based projects within PMEC’s mineral specific verticals.
GRMC is leveraging the decline of Johannesburg’s Witwatersrand, 125-year-old gold mining industry to its advantage by tapping into the mine dumps and surface tailings which blanket much of the city’s East and West Rand and by targeting smaller remnant un-mined areas on the shallow fringes of the historic underground workings. GRMC’s process is to target, secure and rework surface accumulations of gold from profitable dumps, plant footprints and tailings deposits, all formed from previous mining activities.
Tailings consist of finely milled mine ore and process effluents that are generated in a mine processing plant. The plant mechanical and chemical processes extract gold, but this process of gold extraction is never 100% efficient, and the final slurry is discharged to a final storage area commonly known as Tailings Storage Facility (TSF).
Plant footprints refer to the site of historical gold plants, where gold is often trapped in the cracks and foundations , which are all that remain of the original structures. Depending on the remaining in-situ gold content, plant footprints and tailings deposits may become profitable to re-treat as a result of improved technology, low overheads, a depreciating currency and a gold price that is currently near USD $1,275/oz. in today’s marketplace.
PMEC and GRMC are currently assessing a number of potentially viable surface gold sites that were previously part of existing gold mines on the Witwatersrand East Rand in South Africa, and in particular are in negotiations to secure a prospecting permit which will give the rights to assess the viability of processing surface tailings for gold and other associated metals at a property located at Boksburg (Greater Johannesburg), Initial surface sampling has indicated grades significantly higher than the 0.3g/ton regional average, and this is expected to increase further down into the tailings deposits.
In addition, PMEC and GRMC is currently in negotiations to secure a prospecting permit which will give the group rights to assess the viability of re-opening shallow near-surface gold reefs that were left by historical operations, when gold prices plummeted and commercial mining operations abandoned these areas, at a property south of Benoni (Eastern Greater Johannesburg). The reef in question is the Main Reef, the predominant reef historically mined, and sources are expected to provide a total target of 15,500 kilograms (500,000 ounces) of gold. Several secondary reefs also occur which have never been properly investigated, and GRMC will explore in detail.
Please see “Projects” for more information on current mining projects.