Hoping to expand reserves at the Lone Tree gold deposit near Battle Mountain, Nev., Santa Fe Pacific Gold will acquire 12 sections of land, including the adjacent Stonehouse deposit, in exchange for its 30% interest in the Marigold joint venture.
Santa Fe’s joint venture partners, including Rayrock Yellowknife Resources (TSE), International Corona (TSE) and Placer Dome (TSE), will acquire Santa Fe’s interest to give them each a one-third stake in the Marigold gold mine. Marigold, which consists of 29 contiguous sections of land, produced 65,562 oz. gold in 1991 at an average cash cost of US$251. Reserves stand at 3.2 million tons grading 0.056 oz. gold per ton.
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