A $300,000(US) exploration program is under way on the 574-acre property in the heart of the Wanatchee gold belt area of Washington which includes part of the old Lovitt mine that produced some 400,000 oz of gold between 1949 and 1967.
Joint venture partners in the program are Lovitt Mining Corp. which holds a 70% undivided interest and Asamera Minerals which holds the remaining 30% undivided interest.
Lovitt Mining is a private Washington corporation. Vancouver- based Grange Gold Corp. through its now wholly-owned Washington subsidiary Grange Gold Inc., has a 50% interest in Lovitt Mining.
Teck Resources, a 100% U.S. subsidiary of Vancouver-based Teck Corp. holds a 20% interest in Grange Gold Corp. and is the operator of the exploration program.
A spokesman for Grange says when the Lovitt mine operated from 1949 to 1967 it produced more than 1 million tons averaging 0.40 oz gold per ton. Estimated remaining reserves on the property amount to 500,000 tons of 0.15 oz gold per ton.
The exploration program in progress now includes not only surface geophysics but drilling on the south end of the property to follow up the potential of a hole drilled in the fall of 1984 by Asamera which returned 65 ft of 0.274 oz gold per ton.
Drilling will also be done to confirm and expand the remaining reserves and to classify them into economic categories. In addition, the little explored E reef on the west side of the property will be looked at.
The agreements above are subject to regulatory approval.
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