An agreement has set the stage for Prime Equities International (VSE) to buy the Hasbrouk Mountain gold-silver property from a unit of Homestake Mining (NYSE).
Near Tonopah, Nev., the property has a geological resource of 10.2 million tons grading 0.038 oz. gold and 0.41 oz. silver per ton, using a cutoff of 0.02 oz. gold. A previous operator recommended further drilling to upgrade this resource to a reserve category.
The property is in the Tonopah mining district which has reported production of about 174 million oz. silver and 1.8 million oz. gold. Hydrothermal alteration typical of the Tonopah-style epithermal mineralization is reported to be widespread on the Hasbrouk property.
The purchase price for the project is US$400,000. Once the transaction is completed, Prime plans to review previous technical data to identify prospective areas for further drill-testing. Metallurgical studies will also be carried out to determine the most appropriate processing method.
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