A 10,000-ft drill program completed by Glamis Gold (VSE) and Amir Mines (VSE) on lands they are joint venturing in Imperial Cty., Calif., has resulted in discovery of a new gold deposit, Amir President Ian Johnson says.
The Indian Rose deposit lies between Glamis’ Picacho mine and Gold Fields’ Mesquite property. Drilling to date has indicated an oxidized reserve of five million tons grading 0.025 to 0.03 oz gold per ton with stripping ratios of 1.5:1 waste to ore.
Amir must spend $1 million over three years to earn a 35% interest. Approximately $500,000 has been spent to date. Glamis, which is financing a bulk heap leach test, will have a 65% interest.
In another joint venture, Idaho Gold, a private operating company owned 63% by Amir, 22% by Normine (VSE) and 15% by Glamis, has completed a second phase reverse circulation drill program on its Lava Creek property in Butte Cty., Idaho. Grade and tonnage are being calculated. Preliminary metallurgical testing has demonstrated amenability to cyanide leach extraction. A bulk heap leach test is scheduled in July.
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