In South Dakota, Naneco Minerals (nne-a) has begun drilling on a property it believes is geologically similar to the nearby Homestake gold mine.
Drilling on the Cochrane property started in March, and the first hole has been completed to 1,000 ft. In total, the Calgary-based company plans to spend $400,000 on 7,000 ft. of core drilling.
Gold mineralization at Cochrane is hosted in deformed iron formation.
The company believes it has already located a resource with deep, high-grade mineralization potentially minable by open-pit methods.
The current program is intended to test the full width of the mile-long trend of mineralization on the property.
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