Now that a lengthy legal property ownership dispute has been resolved to the benefit of Freegold Recovery (VSE), an exploratory drill program has started on the company’s Slumbering Hill property near Winnemucca, Nev. The 14,000-acre property is strategically located adjacent to Amax’s Sleeper mine, one of the state’s richest and lowest-cost producing gold mines. The drill program is being funded by Ballatar Exploration (VSE), which can earn a 50% interest in certain claim blocks contained within the property by spending US$500,000 by 1991.
The current drill program is designed as a preliminary investigation of the mineral potential of two widely separated and untested areas of the property. The bulk of the program — 3,708 ft. in eight holes — was assigned to the initial drill examination of an IP-seismic anomaly on the southern part of the claim group.
One 400-ft. hole will be drilled to investigate the source of gold anomalies on the A&R claims immediately adjacent to the Sleeper deposit.
According to Freegold Recovery, the exploration focus is to test the property’s potential for high-grade precious metal vein occurrences in both areas.
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