A reserve estimate has been completed by Oneida Resources (VSE) for one zone on its Mexican Hat gold property in Arizona. Held under option by project operator Placer Dome (TSE), the Mexican Hat property covers several gold- bearing shear zones which strike across the property. Work by Oneida’s consultant estimates reserves of three million tons grading 0.033 oz. gold per ton in the Victoria fault zone. The reserve estimate, Oneida says, incorporates a strike length of 2,400 ft. and an average zone thickness of more than 30 ft.
Using a 0.020 oz. cutoff, the company estimates reserves of 1.8 million tons grading 0.049 oz. gold per ton. To date, 47% of the holes completed in the fault assayed 0.02-0.39 oz. gold per ton. Preliminary metallurgical leach testing yielded gold recoveries from 82.8% to 97.4%.
On the company’s Chicobi project in Quebec, Oneida has completed a geophysical survey of the property. The first drill hole on the property will test a quartz carbonate stringer zone in an intrusive body. Grab samples from the zone assayed anomalous gold values.
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