Drilling on the Mountain View property in northern Nevada has returned gold-mineralized intersections.
Canyon Resources (NASDAQ) is earning a 60% interest from Independence Mining and expects to complete the US$500,000 earn-in by the end of the year. The property is 15 miles northwest of Gerlach, Nev.
Gold mineralization is reported in 20 of 27 holes drilled in an area adjacent to a range-front fault.
Discovery Hole MV92-6 returned gold values in highly altered rhyolite beneath 30 ft. of gravel cover. The hole included several zones measuring 155 ft. in width and grading an average of 0.038 oz. gold per ton, including 70 ft. from 70-140 ft. grading 0.057 oz.
The mineralized area extends at least 1,200 ft. in a north-south direction and widens to an east-west dimension of 750 ft. at the southern limit of drilling.
The zone deepens to the south under a thicker gravel cover and remains open both to the south and to depth.
Recent drill results include 140 ft. grading 0.025 oz. in Hole MV 93-8, 210 ft. grading 0.022 oz. in Hole MV 93-18, 175 ft. grading 0.022 oz. in Hole MV 93-22, 135 ft. grading 0.035 oz. in Hole MV 93-40 and 75 ft. grading 0.19 oz. in Hole MV 93-44.
Canyon is planning more drilling to test the mineralized zone further.
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