In an attempt to increase resources, Golden Phoenix Minerals (GPXM-O) has begun a 20-hole drill program at its High Grade gold project in northeastern California.
The property contains a volcanic-hosted epithermal gold system, which is exposed along a 3-mile, northeasterly trending belt. Previous work delineated a small mineral inventory along the trend. Surface sampling has identified several areas (untested by drilling) with values greater than 3 grams gold per tonne; several assays exceeded 30 grams. Mineralization is hosted in breccia and stockwork veins associated with a rhyolite flow dome.
The company is earning a 100% interest in the 81-claim property from Kennecott Exploration, which retains a back-in option of 51% exercisable at the time of a positive feasibility study.
Meanwhile, at the Contact copper property in northeastern Nevada, Golden Phoenix has completed two drill programs. Another was completed at the Borealis project, also in Nevada, which is a joint venture with Cambior (CBJ-T).
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