Situated in Arizona, the Mexican Hat property is being tested by two drill rigs. To date, Onedia has completed 24 reverse circulation holes, the best of which cut 285 ft grading 0.203 oz gold per ton. Cut, the assay was 0.096 oz. The true width is estimated at 140 ft, Oneida says.
The companies are exploring a large tonnage, low grade gold target with dimensions of 500 ft by 400 ft. Oneida says the zone has the potential for a low cost open pit heap leach mine. Placer plans to complete between 3,000 ft to 5,000 ft of drilling and 15,000 ft of reverse circulation drilling in its first phase of exploration.
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