Galico drops Vera Cruz option

After completing a due diligence review, Murray Pezim’s Galico Resources (VSE) decided to drop its option to acquire a 50% interest in the Vera Cruz property held by Vera Cruz Minerals (VSE) in New Mexico.

Vera Cruz recently announced some impressive assay results from a recent reverse circulation drill program on the property (T.N.M., May 13/91).

Prime Explorations carried out a due diligence review that included check assays using total gold analyses which found some dramatic variations in grade from those previously reported. Chet Idziszek, president of Prime Equities (VSE), said the nugget effect was “too big to be acceptable.”