The property is situated 45 miles north of Bishop in Mono Cty., Calif. As operator, Royal Gold will conduct a program of bulk sampling and exploration diamond drilling. The company can earn a 60% interest by installing a processing facility and bringing the property into production.
Edwin Peiker, president of Royal Gold, says drilling on the property has indicated “a possible geological resource of three million tons averaging 0.04 oz gold per ton.” The joint venture will study the feasibility of constructing a processing facility capable of leaching 100,000 tons of ore per month.
Last year, Royal Gold produced 12,000 oz of gold from two operations in California.
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