The results of a bulk-sampling program on Swansea Gold Mines placer property near Wisdom, Mont., indicate that the gold-bearing material has an average recovery of 0.055 oz. gold per cu. yd.
The results are comparable to those of a 1988 study which suggested recoveries of 0.042 oz. per cu. yd. within a preliminary reserve of four million cubic yards.
Swansea, which was 10 cents bid and 20 cents ask for the week ended Nov. 12, says it has nearly completed its application for a state operating permit. Unchanged at 20 cents, CopperQuest has applied for a permit to drill the Mataris base metal property in Connaught Twp., near Shining Tree, Ont. Previous drilling on the property intersected numerous stringers of copper-gold-silver mineralization.
In addition, CopperQuest has acquired four other blocks of claims in MacMurchy, Churchill and Asquith twps., close to the recent Fort Knox nickel and zinc discoveries. The 13-claim Herrick-Churchill property straddles a volcanic vent and contains several untested electromagnetic anomalies. Hol-Lac Gold Mines has purchased 10 patented lode claims and four patented placer claims near South Pass, Wyoming from VSE-listed Consolidated McKinney Resources. The Carissa claim hosts an old gold mine which produced 11,500 oz. gold before its closure in the mid-1940s.
Hol-Lac closed unchanged at 27 cents.
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