A 28,000-ft. drill program consisting of 99 diamond drill and reverse circulation holes was completed by USMX (TSE) on its Dewey gold deposit at Thunder Mountain, Idaho.
The program was successful in helping USMX delineate the high-grade central core portion as well as the margins of the deposit. A previous independent calculation defined a minable reserve of 4.7 million tons averaging 0.05 oz. gold per ton, based on a 0.021 oz. cut-off grade and a gold price of US$400 per oz. This calculation, however, included several areas where high-grade blocks of mineralization were poorly defined.
From the 13 reported intercepts, the highest grade encountered was 0.983 oz. over 80 ft., while the longest intercept was 0.081 oz. over 182 ft. Other intersections ranged between 0.065 oz. and 0.171 oz. over widths ranging from 55 ft. to 180 ft. All intercepts were within 185 ft. from the surface. The Thunder Mountain district in central Idaho is underlain by the central portion of a caldera complex composed of the Challis volcanics and graben filled volcaniclastic sediments. The Dewey deposit is dome-shaped and consists of pyroclastic sediments.
Another deposit in the project is the Gold Bug Pit South, which contains an estimated resource of 100,000 tons averaging 0.14 oz. Other targets on the project include the Powder Cabin and Lightning Peak areas.
The company will complete a minable reserve calculation at the Dewey for feasibility purposes by year-end.
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