Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
Alto Group Holdings, a mining and commodities trade company headquartered in New York, announced on Thursday the acquisition of the Great Excelsior Mine in Washington State.
The Great Excelsior Mine, located in Washington State, was a gold-silver producer which was forced to close in 1918 due to falling metal prices and a shortage of supplies.
Alto Cascade Resources, which is 51% owned by Alto Group Holdings, recently located and staked 30 lode mining claims covering the drilled resource.
This mining property has been explored by numerous mining companies over the years, including ASARCO, Silver Standard, Ltd., Quintana Resources, Inc., US Borax, Steelhead Resources, Inc, FMC Gold Corp., Stanford Metals, Ltd, and Arizuma Silver, Inc. In 1987 Steelhead Resources commissioned American Mine Services, Inc. (AMS), to calculate the global geologic reserves and stripping ratio for the deposit. This calculation was done using geostatistical methods and based on the assay results from 45 core holes drilled by US Borax, Corp.
AMS concluded that the project could be mined using a 3:1 stripping ratio. Based upon the results of the American Mine Services study, Steelhead initiated a drilling program, consisting of 50 reverse circulation drill holes. The data gathered from this drilling program increased the high-grade reserves.
Mark Hawksworth of FMC Gold Corporation (1989) estimated the untested exploration potential of the Excelsior to be +500,000 equivalent ounces of gold. At present metal prices this would be +700,000 equivalent ounces of gold. His conclusion was based upon the evaluation of six areas (not included in the above table) within and adjacent to the claim group. Estimated tonnage for calculated and untested reserves are believed to be 7.1 million tons of 0.08 Au-eq @ 60:1Au:Ag ratioor 0.10 Au-eq @ 48:1 Au:Ag ratio.
In 2004 Excelsior Mining Corporation commissioned a preliminary feasibility study for a 250 tpd mine and mill, using $390/ounce for gold and $5.90 for silver. Alto’s management now plans to expand the properties and increase the total drill indicated resources to over 1 million equivalent ounces of gold.
To view the Great Excelsior Mine project in greater detail click here. Image supplied by Alto Group Holdings.
For the full press release click here.
