Another joint venture in the Crescent Valley of central Nevada is getting ready to explore for gold. Royal Gold (NASDAQ) and High Desert Mineral Resources (VSE) have formed a company, Royal High Desert Gold, to evaluate the mineral potential of a 12.5-sq.-mile area in northwestern Lander Cty.
The 50-50 joint-venture company will focus on two leases, situated 3 miles west of Placer Dome’s (TSE) Gold Acres pit. The Cook’s Creek lease covers 53 unpatented claims, whereas the Ferris Creek lease covers 26.
Royal High Desert will spend US$200,000 through to July in a program consisting chiefly of mapping and sampling.
High arsenic values from previous exploration point to a large hydrothermal system.
Limited drilling in the past encountered values of up to 0.2 oz. per ton at depths of fewer than 200 ft.
Mineralization is structurally hosted in the Ordovician Valmy and Devonian Slaven formations. It is believed the lower plate rocks of the Roberts Mountain formation could host mineralization at a depth of 1,000 ft.
(At the nearby Cortez joint venture, Royal Gold holds a 20% net profits interest in the South Pipeline deposit.)
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