SDRC Sidney Resources Corp (PK)

LEWISTON, Idaho, May 12, 2015 -- Sidney Resources Corporation (SDRC) (OTCPK:SDRC) today announced it has posted operational plans for the 2015 summer operations on OTC Markets in the regular quarterly disclosure report and on the corporate website located at www.sidneyresourcescorporation.com.  A summary of the update includes the following:  Permit applications have been submitted to the U.S. Forest Service McCall Ranger District located in McCall, Idaho requesting the issuance of a special use authorization for use of what is commonly known as Knot Hole Mine Road and Arlise Gulch Road to access private property on the Patented Claim of the Lucky Ben, Lucky Ben Extension and Hornet in the vicinity of Steamboat Creek and Arlise Gulch near Warren, Idaho (T22N R6E, Section 9, 15, 16).  This application requests use of approximately .37 miles of the Knot Hole Mine Road south from Forest Road 21 continuing approximately .92 miles south and east on Arlise Gulch Road to access the Lucky Ben and Lucky Ben Extension.  From the old cabin site located on Arlise Gulch Road we are requesting use of approximately .45 miles of road to the Hornet Patented Claim Property.  The purpose of the use of the mentioned road systems is to access private property for the purpose of conducting exploration and sampling of the claims for valuable mineral deposits to determine the economic feasibility of a core drilling program.  Work conducted will include small and bulk samples of the existing underground structures, surface samples and the historical dumps located on the private properties.  Surveying of the claims and mapping of the underground structures will also be conducted throughout the Lucky Ben Mine Group Properties.  A site assessment is scheduled with US Forest Service Personnel in June of 2015.

The Warren Wagon Road which is the primary access road to the mine properties historically opens on Memorial Weekend and at the time of this writing the Secesh Summit Idaho SNOTEL site which is located at an elevation of 6520 feet reports no snow.  Secesh Summit is the highest road summit between McCall, Idaho and the mine properties.  Long term weather forecasts for the region are favorable for road access in early June.

Sidney Resources Corporation has named Richard W. Morris of Spokane, Washington as the Project Geologist.  Mr. Morris has a B.S. Degree and a Master’s Degree in Geology from the University of Texas El Paso.  He has extensive field, and project experience in the mining industry in production, exploration and field jobs at both surface and underground operations.  He has extensive experience in core-logging, mapping both surface and underground, sampling, “rig sitting” on drill operations at both surface & underground mines on core & R.C. drills, setting up and running drill programs, and ore control work. 

The project objectives for this season are to obtain and assay bulk samples from the historical dump located near the original Adit.  Complete a full sampling and mapping program of the private patented claims to include sampling and mapping of the existing underground structures which include approximately 1000 feet of tunnel, stoops and shafts.  The underground structures remain from the original mining operation period beginning with exploration work from 1901 to 1911 and production from 1912 to 1915 and a single production year in 1921.  Production rates for each year of production as reported to the State of Idaho and recorded in historical production records which are attached are as follows:
1912    
Tons of Ore Processed:  13   Ounces of Gold Recovered:  13 Ounces of Silver Recovered: 6 
Average Ounces of Gold per ton:  1 oz. per ton. 
Average Ounces of Silver per ton:  .461 oz. per ton.
1913
Tons of Ore Processed:  100   Ounces of Gold Recovered:  115.27 Ounces of Silver Recovered: 183 
Average Ounces of Gold per ton:  1.153 oz. per ton. 
Average Ounces of Silver per ton:  1.83 oz. per ton.
1914
Tons of Ore Processed:  12   Ounces of Gold Recovered:  11 Ounces of Silver Recovered: 5 
Average Ounces of Gold per ton:  .917 oz. per ton. 
Average Ounces of Silver per ton:  .417 oz. per ton.
1915
Tons of Ore Processed:  5   Ounces of Gold Recovered:  3 Ounces of Silver Recovered: 7 
Average Ounces of Gold per ton:  .600 oz. per ton. 
Average Ounces of Silver per ton:  1.4 oz. per ton.
1921
Tons of Ore Processed:  5   Ounces of Gold Recovered:  6.59 Ounces of Silver Recovered: 4 
Average Ounces of Gold per ton:  1.318 oz. per ton. 
Average Ounces of Silver per ton:  .800 oz. per ton.

The Lucky Ben Mine was originally explored and developed by J.A. Czizek.  Mr. Czizek was the Managing Director for the Unity Gold Mine Company which operated the Unity Mine in Warren.  He was Mining Engineer and served as the Mine Inspector for the State of Idaho.  In a June 1902 edition of the Idaho Statesman Newspaper Mr. Czizek discussed the Warren Mine District and indicated the Lucky Ben and the Hornet were choice properties.  In a transcribed interview with J.A. Czizek Jr. that took place on October 23, 1979, Czizek Jr. described the mining operations which he took part in at the Lucky Ben.  He described the rich ore they had encountered when they began to drive a shaft downward following the vein.  He indicated they were in rich ore but encountered water so they stopped with the plan to drive a new tunnel below the existing tunnel.  During exploration activities scheduled for this June, the shaft which was only at a depth of 20 feet will be pumped out and bulk samples of ore will be taken for assay.  Should the samples show it to be economically feasible our goal will be to take the necessary steps to begin production at this point in the underground structures and continue to follow the vein system at a rate of 20 to 30 tons of ore per day.

An additional goal for the company is to recover the ore located in the historical dump this summer should it prove economically feasible.  The dump is estimated to contain 2000 tons of ore and these estimates are based upon the size and distance of the underground structures currently in existence on the property.  In 1984 Goldstone Minerals Resource Corporation at the direction of the Leland’s completed sampling and assays of the dumps.  In the report completed by Goldstone which is currently available on Sidney Resources Corporation website it states, “Sampling of vein material in the trenches and portal dump gave assay values ranging from 0.20 to 10.4 ounces per ton for silver and 0.10 to 13.5 ounces per ton for gold”.  Sidney Resources Management is currently discussing the lease of a Falcon 20 ore processing plant located at Warren, Idaho and those discussions are ongoing.  Work continues with the mining group regarding the processing plant as well as with state and federal regulatory agencies to utilize the processing plant to process the historical dumps and ore once the mine is in production.  Recovery and shipping of the ore in the historical dumps should assay reports justify that action may be delayed until the summer of 2016 in order to obtain the required special use permit from the U.S. Forest Service for hauling of ore on the existing road system and for the construction of the new access road. 
Stock piling of ore is an option should the road permit for hauling be delayed and the Board of Directors is currently in discussion with a private party regarding the use of his milling and processing equipment on site for the recovery of the historical dumps.  Negotiations are underway with two major holders of Private Patented and Unpatented claims in the Warren Mine District that would bring these major holdings which have been historically valuable properties under the control of Sidney Resources Corporation. 
 
The Board of Directors is focused on the completion of essential road access and permits as well as the completion of an NI 43-101.  The NI 43-101 is a mineral resource classification scheme used for the public disclosure of information relating to mineral properties.  It serves as a codified set of rules and guideline for public companies to disclose scientific and technical information related to mineral properties owned or explored by the companies that report these results.
 
The Board of Directors remains acutely aware of additional opportunities to acquire additional claims relative to our current property position and is moving forward with plans to expand current property and mining claim holdings.  Negotiations are underway with a private party regarding placer claim holdings in Canada as potential future development properties.
 
Activities at the mine property scheduled to commence in June will be documented in photographs and video and will be made available on the website.
 
The Corporate website which was significantly enhanced this quarter is located at www.sidneyresourcescorporation.com
 
Safe Harbor Forward-Looking Statements

To the extent that statements in the above information are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.
 
 

Sidney Resources (PK) (USOTC:SDRC)
Historical Stock Chart
From Nov 2024 to Dec 2024

Sidney Resources (PK) (USOTC:SDRC)
Historical Stock Chart
From Dec 2023 to Dec 2024