The Little Giant gold-copper property in Arizona has been purchased by Goldstake Explorations (TSE). The purchase price was US$200,000 in cash, and a 2% gross production royalty with a minimum royalty payment of US$6,500 per month.
Underground development in ore will start in September and ore shipments will begin immediately at the rate of 50 tons per day. The rate will increase to 100 tons per day in eight weeks.
Previous production in 1936-37 was 6,500 tons grading 0.38 oz. gold per ton and 2.25% copper.
It is estimated about 30,000 tons of ore exist on a strike length of 175 ft. and to a depth of 250 ft. Width is 3.5 ft. The zone can be traced on surface for 2,500 ft. A shaft sunk to a depth of 480 ft. showed high grades at that depth.
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