U.S. REPORT Roby Partnership, Santa Fe boost reserves at Marigold

Drilling continues on the Marigold property in Nevada where the owners, the Roby Partnership (70% interest) and Santa Fe Pacific Minerals (30% interest), have identified several zones.

In addition to the mine property, Roby – owned equally by Corona (TSE), Placer Dome (TSE) (through its unit, Placer Dome U.S.) and Rayrock Yellowknife Resources (TSE) – has independent interests in an additional 11 square miles of land in the immediate vicinity of Marigold.

At the Stonehouse deposit, on the northern section of the Marigold property adjacent to Santa Fe’s Lone Tree deposit, about 300 rotary and core holes have been drilled. Two mineralized areas, North Stonehouse and Southeast Stonehouse, have been defined.

A preliminary reserve estimate of oxide reserves at North Stonehouse stands at 3.6 million tons grading 0.08 oz. gold per ton, including 2.5 million tons grading 0.1 oz. No reserves for Southeast Stonehouse have been calculated; Rayrock said the zone remains open to the north and south and requires further stepout drilling.

Rayrock said the North Stonehouse deposit is close to surface and minimal overburden removal will be required. The lower-grade ore can be heap leached on pads near the pit; the higher-grade ore can be trucked six miles to the Marigold mill.

Another area of exploration is the 12-mile trend of the Golconda Thrust on the Marigold property.

Marigold counts five minable deposits: 8 South, Top Zone, East Hill, Red Rock and North Stonehouse. Potential deposits include 8 North, 5 North and Southeast Stonehouse.

Gold mineralization on Roby lands immediately north of Stonehouse and adjacent to Santa Fe’s Lone Tree deposit has also been encountered, Rayrock said. Other gold targets have been uncovered on Roby lands, 3.5 miles southwest of Stonehouse.