Denver-based USMX Inc. (NASDAQ) is reporting the discovery of potentially significant gold mineralization at five targets of the recently acquired land package in the Alligator Ridge Trend of eastern Nevada. The company began exploring the properties in June of this year, with a total of eight targets drill- tested to date. Although five areas with potential ore grades and thicknesses were encountered, the company said none of the targets has been fully delineated by drilling and no tonnage or grade estimates are possible at this time.
In the Poker Flats area, drilling returned 55 ft. grading 0.11 oz. gold per ton, while drilling in the Repeat area returned 80 ft. of 0.084 oz. Drilling in the Horseshoe area returned 75 ft. of 0.025 oz. and 25 ft. of 0.064 oz. A 90-ft interval grading 0.081 oz. was returned by a hole drilled in the Sky area, and a 50-ft interval grading 0.098 oz. was reported from drilling in the East Top area.
The company said all the holes are oxidized and the mineralization is at shallow depths. Aggressive exploration of these and other targets is continuing.
In the meantime, USMX is in the startup phase of operations at its Casino open pit mine in Nevada, with about 90,000 tons of ore placed on the heap leach pads. Construction of the process facilities has been completed, and leaching is expected to begin shortly.
The company projects its gold production should amount to about 37,500 oz. this year.
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