Through expenditures of US$1.38 million, a unit of Placer Dome (TSE) has earned a 60% interest from Oneida Resources (VSE) in the Mexican Hat gold property in Cochise Cty., Ariz. Some 137 holes totalling 62,120 ft. were drilled on the property in the first-phase work program and recently completed the second- phase program.
Selected results from recent drilling are: 230 ft. of 0.041 oz. gold per ton; 100 ft. of 0.036 oz. gold; 120 ft. of 0.025 oz. gold and 140 ft. of 0.024 oz. gold.
Oneida expects to release the results of an independent tonnage and grade estimate based on this drilling in several weeks. The company also notes a third-phase exploration and predevelopment program may be announced shortly.
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