Several high-grading intersections have been drilled by Placer Dome (TSE) on the Mexican Hat gold property held under option from Oneida Resources (VSE).
Placer’s drilling in hole 54 cut a 40-ft. section from 140 ft. to 180 ft. which assayed 0.57 oz. gold per ton. Included in the section was 15 ft. grading 1.48 oz. gold. Several lower-grading zones were encountered above and below the high- grade section. A near-surface intersection assayed 0.031 oz. gold across 40 ft. A deeper 20-ft. section from 275 ft. to 295 ft. assayed 0.088 oz. gold.
High-grading gold mineralization was also drilled in hole 57. A 25-ft. section assayed 0.58 oz. gold, including a higher-grading 10-ft. interval which came in at 1.21 oz. gold.
Placer has three drill rigs on site. Metallurgical and engineering studies have also been initiated. The Mexican Hat project is in Arizona.
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