Following the completion of an underground exploration program, Goldbrook Explorations hopes to have its Wood Mountain property in production by 1990. Located in the Gold Hill area, eight miles northwest of Boulder, Col., the Wood Mountain property produced 40,615 tons of ore grading 0.39 oz gold per ton during several periods from 1902-1951.
A wholly-owned Goldbrook af filiate in the U.S., New Wallstreet Mining, acquired the option last year. New Wallstreet can earn a 100% interest by spending $450,000(US) on exploration by Dec 31, 1990, and making certain cash payments to the vendor.
Following the completion of a financing which netted the company $364,000, Goldbrook plans to reopen the underground workings which extend laterally for 5,000 ft. Access is via a decline ramp and a flooded winze, which the company plans to dewater.
The program will focus on mapping the known veins and detailed channel sampling at 5-ft centres. Additional drifting and diamond drilling has also been recommended by the company’s consultant. The Wood Mountain deposits consist of intersecting networks of narrow, high grading gold-silver telluride veins. Past production came from rich shoots striking for 30-50 ft and ranging in width from 1-5 ft. The shoots were also up to 400 ft in length.
A small gravity-flotation mill facility is located three miles from the Wood Mountain property. Goldbrook is negotiating to have the facility made available to the company. With an initial objective of proving up 150,000 tons of 0.3-0.6 oz per ton material, Goldbrook could be in production by 1990, Avrom E. Howard, a geologist and director with Goldbrook, explained to The Northern Miner.
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