U.S. Report Eagle Lake in Nevada

Drilling is under way on a gold property near Eureka, Nev., being explored by Eagle Lake Explorations (ASE), following the signing of a recent option agreement with American Ruby Mines. According to Eagle Lake, preliminary estimates indicate reserves of up to 143,000 tons grading 0.20 oz. gold per ton on the property, which had a small amount of precious metal production in the 1920s.

Eagle Lake can earn a 50% working interest in the claims by paying $60,000 in cash and conducting $140,000 in exploration work. A program of underground drilling and bulk sampling is being planned to upgrade the existing reserves. Phase one of the program will test two partially mined zones at the 1,656-ft. and 1,770-ft. horizon of the Ruby Hill tunnel which extends for about 1,950 ft.