A joint venture has been formed between International Taurus Resources (VSE) and Cyprus Canada, a unit of Cyprus Amax Minerals (NYSE).
The announcement follows a $1.5-million exploration program by Taurus on its namesake gold property near Cassiar, B.C.
Drilling at the Taurus property indicates the presence of a potentially open-pit zone containing about 15 million tons averaging 0.035 oz. gold per ton. This is in addition to a previously reported resource of 481,000 tons grading 0.21 oz.
The partners will explore the property for bulk-tonnage potential, with the intention of developing it to production.
The Taurus minesite operated from 1981 to 1988, and a 250-ton-per-day gravity-flotation mill is still on site and under rehabilitation. Hera Resources (VSE) is a major shareholder of Taurus, holding 2.3 million shares.
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