At its Long Valley project in California, Royal Gold (NASDAQ) has outlined an indicated resource of 49.6 million tons averaging 0.018 oz. gold per ton.
In the process of drilling 18 vertical and angled holes to depths of up to 900 ft., the company defined two zones of mineralization, namely Southeast and Hilton Creek.
The zones, which are open in all directions and at depth, consist of epithermal mineralization hosted within volcaniclastic sedimentary rocks. Gold is found at depths of 300 ft. and the zones vary in thickness from 50 to 150 ft. The zones are separated by a distance of 2,000 ft., and Royal has encountered mineralization in this area as well.
The next work phase will be aimed at establishing continuity between the zones. Also, infill and stepout reverse-circulation drilling will attempt to firm up reserve calculations. Metallurgical testing and engineering studies are required before a minable reserve can be established.
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