The adjacent mine tailings pond is believed to contain up to 30,000 oz of gold. Tusk plans to evaluate various processing methods capable of recovering gold from the tailings.
A prospecting program completed over the 3,000-acre property by Tusk, identified four targets requiring follow-up work. A priority target is a mineralized zone striking for 2,000 ft and extending to a depth of 200 ft. Drilling completed on the zone in the 1960s returned several encouraging intersections. These included 0.32 oz gold per ton across 5.2 ft.
The company has the right to earn a 47.5% interest in the property by spending $130,000 on exploration by September. A property payment must also be made by that date.
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