A unit of Cactus West Explorations (VSE) recently signed a letter of intent agreement with Pegasus Gold (TSE) for continuing development of its Century gold project in southwestern Idaho. Pegasus can earn a 51% interest in the property which covers a major shear component of the Trans Challis Fault system by making a US$25,000 cash payment and by spending US$1.5 million over five years.
A work program is planned to start shortly that will include drilling to follow up and expand upon a limited first-phase drill program by Cactus West. The widely spaced drill program is reported to have encountered a number of intervals of 40-85 ft. grading 0.027-0.05 oz. gold per ton.
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