Contango ORE stock plummets as costs rise at Manh Choh mine
The cost rise relates to an overall reduction in the amount of ore being transported annually by approximately 20%.
Prospect generator Silver Range Resources (TSX-V:SNG) announced today that it has completed a fall reconnaissance program in Nevada and staked two new high-grade gold prospects.
The first site is the century-old Loner Property located in Pershing County, 35 kms south of Winnemucca in the Grass Valley. “Claims cover high grade low sulphidation epithermal veins first discovered in 1906 and mined on a small scale through the 1930’s. Heavily oxidized quartz-adularia veins, individually up to 100 m long and from 0.5 to 2.0 m thick, form a complex more than 500m long and up to 60m wide cutting host granodiorite,” the company said in a press release.
Silver Range explained that initial sampling at Loner returned assays greater than 6 g/t Au. At the same time, grab samples assayed up to 16.60 g/t Au and chip samples returned up to 1.83 m @25.70 g/t Au.
“There is an association between gold and arsenic, and Silver Range intends to explore the property with soil sampling and trenching to define drill targets,” the statement reads.
The second property, which has been explored since the 1930s and includes some ancient infrastructure, is called Black Star and is south of the Black Rock Desert, 33 kms east-northeast of Gerlach in Pershing County.
“Gold mineralization occurs in an array of north-trending quartz veins and breccias cutting Permo-Triassicmetavolcanics rocks, near a flexure in a prominent north-striking shear zone. Individual veins in the array, some over 1 m wide, are intermittently exposed for up to 60 m along strike,” the Vancouver-based firm said in its brief.
Silver Range collected 20 grab samples and two chip samples during initial sampling at Black Star, four of which returned assays greater than 5 g/t Au. Grab sample assays, on the other hand, returned up to 18.95 g/t Au from waste dump material while chip sample results include 0.5 m @ 19.60 g/t Au from the brow of an adit.
Silver Range said it intends to conduct high-frequency electromagnetic field surveys and soil geochemical surveys on the property to define and extend the known mineralization.
