Called Mexican Hat for the distinctive shape of the hill on the Arizona plain, Placer struck 400 ft of material grading 0.06 oz gold per ton four days after signing an acquisition agreement with Oneida Resources (TSE).
Drilling what Placer says may be a moderate-sized gold deposit is continuing. Based on data from 47 holes (N.M., Sept 25 /89), Placer estimates the property has a geological resource (because of the wide- spaced drilling, the companies are unable to estimate an accurate reserve figure) of 9.2 million tons grading 0.035 per ton to a depth of 600 ft and assuming an average dilution factor of 50%.
Speculating that this may be a new epithermal gold province associated with porphyry copper in the area, Placer has staked other properties nearby.
From Prospect, a publication of Placer Dome.
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