A joint venture consisting of USMX Inc. (NASDAQ) and Pegasus Gold (NASDAQ) has encountered “potentially significant gold mineralization” on their Winrock and Casino properties in the Alligator Ridge trend in White Pine Cty., Nev. USMX has a 51% interest in the property and Pegasus 49%. Most of the oxidized mineralization occurs within 200 ft of surface and is amenable to heap leaching, preliminary metallurgical work suggests. “Additional drilling is required to determine continuity and grade prior to commencing feasibility studies,” notes USMX.
At the Winrock property 56 holes have been drilled for a total of 14,000 ft. Gold mineralization was intercepted in 70% of the holes within four separate target areas. Each target contains at least several hundred feet of strike length and they are open in two directions. The mineralization is known to underlie a 1-sq-mile area of the property.
The Casino property has been explored by 7,000 ft of drilling in 37 holes of which 50% yielded gold mineralization within a half-sq-mile area of altered and mineralized rock. USMX says the ore-grade mineralization discovered to date has a strike length of at least 500 ft and is open in three directions.
USMX is involved in the exploration and development to production of gold properties in the Western United States. Operations at its 100%-owned Green Springs property in Nevada commenced June 1 at a mining rate of 640,000 tons per year with a diluted grade of 0.06 oz gold per ton.
The company has a net profits royalty interest in the Montana Tunnels mine which is operated by Pegasus. Pegasus has a 34% interest in USMX.
Be the first to comment on "USMX/Pegasus results said to be significant"