Exploration and development have commenced on the Penon Blanco property in Mariposa and Tuolomne counties, Calif. Owner Golden Pacific Resources (ASE) is currently engaged in line cutting, geological mapping and rehabilitation of underground workings on the property. Geophysical and geochemical surveys are scheduled for the near future. The property is part of the famous “Mother Lode” mining district where several gold and silver deposits have been profitably mined to a depth of 5,500 ft. The Penon Blanco lode claim overlies a 200- to 300-ft. thick vein system, including the “West vein” (20-40 ft.) and the “East vein” (3-6 ft.). Limited assay results from six grab and chip samples along 174 ft. of the West vein graded 0.1-1.6 oz. gold per ton and 3.5-105 oz. silver.
The Oro Rico mine, a former intermittent gold producer, is within the Penon Blanco Claim. In the near future, Golden Pacific hopes to determine the mining potential of the Oro Rico and other parts of the vein system. A proposed drilling program will commence when the surface and underground work is complete.
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