Drill results from the Dewey property in Idaho’s Thunder Mountain district continue to impress USMX.
The NASDAQ-listed company optioned the property earlier this year and can buy it outright for US$5 million, until April 1, 1995.
Current drilling is aimed at expanding the 5.2-million-ton resource grading 0.045 oz. gold per ton. USMX is also working to outline a higher-grade core within the deposit.
All but one of the 47 holes assayed intersected more than 0.03 oz. All assays in excess of 0.5 oz. gold have been cut to 0.5 oz. because of the high-grade nature of the gold mineralization in the feeder structures within the deposit. Denver-based Hazen Research is conducting metallurgical tests on the Dewey material, partly to determine if it is amenable to gravity recovery. USMX expects to release preliminary results from the tests, as well as an updated reserve estimate, by the end of the year.
Higher-grade intersections from recent drilling are as follows: Hole Interval Width Gold Gold
(ft.) (ft.) (oz. (cut to
per ton) 0.50)
DR-23 60-245 185 0.071
DR-24 0-155 15 0.12
60-145 85 0.10
DR-25 105-260 155 0.086
DR-27 40-295 255 0.093 0.079 *
DR-33 85-160 75 0.12
DR-35 0-755 75 0.19
DR-36 0-155 155 0.062
DR-38 0-120 120 0.16 0.13
DR-39 40-135 95 0.074
195-300 105 0.28 0.17
DR-40 20-155 135 0.077
210-270 60 0.10
* hole bottomed in ore-grade mineralization
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