The location and property name are shrouded in mystery, yet drilling on a joint-venture somewhere in Nevada is pointing to a potentially significant gold discovery.
Equinox Resources (TSE) reports that one of the drill holes in a first-phase, 5-hole program returned a 30-ft. intersection grading 0.83 oz. gold per ton. The overall drill intercept of 175 ft., from 190 ft. to 365 ft., graded an average of 0.16 oz. Three other holes showed thick intercepts of highly anomalous gold values.
John Wright, chief operating officer, said Equinox is actively staking in the area and is not revealing the exact location of the find.
The company did disclose that the operator is Uranerz U.S.A., which can earn a majority interest by funding all costs to the completion of a feasibility study.
Further drilling on the discovery is planned in the near future. Equinox is merging with Hecla Mining (NYSE), and Wright noted that disclosure of the drill results was necessary in light of the upcoming shareholders’ vote on Feb. 25. The companies plan to amalgamate on the basis of 0.3 Hecla shares for each share of Equinox tendered.
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