Exploration work has started on the Swan property under a joint venture between Newmont Exploration and Mountain West Resources (VSE).
Newmont can earn a 50% interest in the property by spending a total of US$5 million and paying Mountain West $410,000 over a 5-year period.
The Swan property, renamed from the Elkhorn property, is about 20 miles south of Helena, Mont.
Newmont’s budget for the current program is estimated at US$660,000 and will include geological mapping, geochemistry, geophysics as well as drilling.
Mountain West estimated a preliminary reserve of 1.4 million tons grading 0.12 oz. gold per ton in its previous work on the property.
Drilling is expected to start in early July.
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