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Bluebird Merchant Ventures invited to apply for drilling grant at Kochang

The drilling will seek to identify the position of the three veins in a major unmined corridor of the deposit

KORES is owned by the South Korean government

Korea-focused gold explorer Bluebird Merchant Ventures (LON:BMV) has applied for a grant to pay for 70% of a drilling programme at its Kochang project.

Bluebird said it was invited to apply for the grant by KORES, a company owned by the South Korean government that has already funded two programmes in the area surrounding Kochang.

WATCH: Bluebird Merchant Ventures to start producing from its Korea mines by year-end

The drilling will seek to identify the position of the three veins in a major unmined corridor of the deposit.

Colin Patterson, chief executive, said it was encouraging that the South Korean government seemingly wants the project to move forward.

“While there is no guarantee that it [the grant] will eventuate, we believe that this is a very positive signal for the future of government support for the local mining industry and Kochang.” 

Bluebird added it had also submitted a feasibility report on the viability of re-opening Kochang to its partner Southern Gold and had applied for a permit to develop the Gubong mine, also in South Korea.

Quick facts: Bluebird Merchant Ventures Ltd

Price: 4.25 GBX

Market: LSE
Market Cap: £15.89 m

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