Project operator Consolidated Rhodes Resources (VSE) has completed 12 reverse circulation drill holes on the Gold Basin gold property in Arizona. The company has an option to earn a 50% interest in this property from Toltec Resources (VSE). Samples from the holes were sent for assaying, but Prime Explorations requested the assay lab to hold all results until all samples from all the holes have been completed, at which time results will be compiled and released. This is expected to take several weeks.
In the meantime, Rhodes and Toltec plan to acquire a one-third interest each in four properties held by Slocan Development that abut the Gold Basin and Cyclopic ground on three sides. (Toltec and Rhodes are jointly earning a 100% interest in the Cyclopic property.)
On its own, Rhodes entered into an agreement with Teck (TSE), Teck mining group, Silver Standard Resources (VSE) and Wilson Mining for an option to acquire a 50% interest in the Penny and Bik claims. The claims are immediately adjacent to the Copper Canyon copper-gold project in northwestern British Columbia.
Rhodes is earning a 50% interest in the Copper Canyon project from Canamax Resources (TSE). A limited drill program in 1957 outlined preliminary reserves of about 29 million tons grading 0.01 oz. gold, 0.30 oz. silver and 0.7% copper per ton.
Rhodes carried out an exploration program on the property last year, and plans a comprehensive program on both the Copper Canyon and Penny and Bik claims for 1991.
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