Cliff Resources has made two property acquisitions covering 14,000 acres near Yuma, Ariz. The ground is on the Mesquite-Picacho trend, a gold mining area producing more than 175,000 oz of gold per year from two mines.
The West Picacho property is located between the operating Mesquite and Picacho mines. Cliff has the right to earn a 70% interest by spending $1 million (US) on exploration over a 2-year period. The company must also issue 250,000 of its common shares to the vendors.
A second property, known as the Laguna, is located east of the Picacho gold mine and on strike with the Sonora gold mining area of Mexico. The 8,000-acre property is being explored for its gold placer and lode potential. Cliff is testing an area with the potential for 50 million cu yd of material available for placer processing.
Cliff can acquire a 70% interest in the Laguna property by spending $500,000(US) on exploration over a 2-year period. The company must also issue 100,000 Cliff common shares to the vendors. Both acquisitions require regulatory approval.
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