The Illinois Creek gold project in Alaska is undergoing a feasibility study as environmental permitting is carried out.
USMX (NASDAQ) hopes to have final permits in hand as early as June.
The gold-silver deposit contains 5 million tons of drill-defined mineralization at a gold-equivalent grade of 0.074 oz. per ton.
The company plans to mine the deposit over five years. Heap leaching would recover more than 50,000 oz. gold per year. While leaching is scheduled to be year-round, the shortened field seasons would limit mining to six months per year.
USMX, through an agreement with an Alaska native corporation, controls 62,480 acres of mining leases surrounding the deposit.
Be the first to comment on "USMX moves ahead with Illinois Creek"