Based on encouraging assay results from last summer’s program, Carissa Mining (VSE) will proceed with the next phase of drilling on the Carrisa mine property in Wyoming.
The new program is estimated to cost a minimum of US$250,000. Carissa, the largest gold mine in the historic South Pass gold camp, was last mined in the 1930s, having been developed down to 450 ft. It is estimated to have produced 180,000 oz.
Ore reserve calculations in 1993 showed probable reserves of about 100,000 tons grading 0.368 oz. gold per ton in the existing workings. The 1994 summer program outlined additional gold mineralization both east and west of the mine, and at depth below the present workings. Some of the better intersections included 1.09 oz. over 24 ft. in hole 94-1, 0.05 oz. over 15 ft. in 94-2, and 0.15 oz. over 9.5 ft. in 94-3.
Carissa is correlating all existing data and hopes to have geological reserves recalculated by the end of February.
At present, the property is wholly owned by Hol-Lac Gold Mines (CDN). Carissa can earn a half interest by spending US$500,000 by Dec. 31, 1995. The Carissa interest is subject to a 10% net smelter return royalty in favor of Hol-Lac.
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