Toronto-based Goldstake Explorations (TSE) and its joint venture partner Sawatch Gold Placers have begun a major drilling campaign on their South Pass gold project in Wyoming. The 2,962-hectare placer property is adjacent to the Atlantic City gold district, about 45 km south of Ladner, Wyo.
Three holes of a 100-hole program have already been completed, and results from the entire work program are expected to be available by year-end, the company said.
Goldstake can earn a 60% interest in the property by spending $550,000 on exploration, of which $250,000 was spent in 1989.
The target of the drilling program is a large gold-bearing paleoplacer deposit that lies at depths of 12-21 metres below surface. The work is being performed by contract drillers under the supervision of an independent consulting geologist.
Gold was first discovered in the South Pass area in the 1840s and was mined from the 1860s up till the present. More than 75,000 oz. were recovered in that period by placer mining of material with grades of 0.012-0.016 oz. gold per cu. yd. The gold was originally derived from Archean-age gold- quartz veins in the nearby mountain range.
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