Earth Sciences (ESCI-Q) has acquired the rights to the Cerro Gordo gold-silver deposit in California.
The Cerro Gordo property, situated in Inyo Cty., 20 miles south of the town of Lone Pine, contains a resource of 280,000 oz. gold and 2 million oz.
silver. The company believes the property has the potential for more than 1 million oz. gold and 5 million oz. silver.
Earth Sciences acquired the option on 80 patented and unpatented claims from Martin Tross Associates for an 80% working interest in the property. The company will pay the monthly lease obligation of US$2,000-3,000, and fund exploration expenditures. Earth Sciences will also conduct trenching and drilling to confirm previous work.
The company has not released details of the agreement, but the option reportedly provides Earth Sciences with a 150% return on its investment, along with working interest.
Meanwhile, the company is conducting gold and diamond exploration on its mining concession in Venezuela, and has applied for three others.
Earth Sciences is also raising funds for exploration projects and for its phosphoric acid processing facility in Calgary. The former uranium processing facility is being converted for the production of purified inorganic acid.
The operation is projected to generate as much as US$10 million in revenue.
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