A small low-grade gold deposit in Idaho could be developed by Vancouver-based Shamrock Resources (VSE) and United States Antimony (NASDAQ) if results of a prefeasibility study under way are positive.
Situated in Lemhi Cty., Idaho, the Yellowjacket property hosts a near-surface gold zone with 407,112 tons averaging 0.11 oz. gold per ton. The gold occurs in sub-parallel zones, 15-70 ft. thick and up to 700 ft. long.
According to a recent letter of intent between the two companies, Shamrock can earn a 40% interest in the project by making staged payments totalling $600,000 and bringing the deposit into production. Payback is to be made following the start of production, Shamrock says.
Shamrock has started a follow-up evaluation program of infill drilling and metallurgical testing, the objective of which is to complete a prefeasibility study by February. If the study is positive, Shamrock says, it will start negotiations with USAC on a definitive agreement for development.
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