As many as three separate gold deposits were reported to have been uncovered by USMX (NASDAQ) during a recent 116-hole drilling program on the North Yankee property in White Pine Cty., Nev. USMX reports the gold mineralization is well oxidized with 70% of the holes encountering over 0.02 oz. gold per ton.
The three new deposits all have strike lengths in excess of 500 ft. and are open in two directions. USMX plans to conduct further drilling before beginning feasibility studies.
The discoveries are situated within a half-square mile area about five miles south of the Alligator Ridge mine and about one mile north of the inactive Yankee mine.
The Yankee mine is estimated to contain preliminary reserves of 788,000 tons grading 0.035 oz. gold per ton with a stripping ratio of about 2.2-to-1.
USMX plans to examine the possibility of combining the new discoveries at North Yankee with the Yankee mine to enhance project economics.
Significant results from the recent program are as follows: 0202,0208,0108,0208,0204, Width Gold Hole (ft.) (oz./ton) YR-473 65 0.075 YR-491 50 0.11 YR-496 55 0.079 YR-523 105 0.11 YR-531 85 0.083 YR-552 65 0.11 YR-553 70 0.096 YR-564 65 0.078 YR-569 70 0.11 YR-571 60 0.074 YR-592 70 0.090
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