U.S. ROUNDUP — BHP to option X-Cal’s Nevada claims

The terms of a recent letter of intent agreement sets the stage for BHP Minerals to earn a 51% operating interest in each of three properties held by X-Cal Resources (TSE) in the Pipeline gold area of Nevada.

The properties are within the Battle Mountain-Eureka trend which hosts numerous gold deposits, including the Pipeline deposit being explored by a joint venture 60% owned by Placer Dome (TSE).

X-Cal and BHP expect to finalize the exploration and mining joint venture in early 1993. The major will then have the option to earn a 51% interest in the Mill, Crippen Canyon and Gold Star claims by making staged cash payments totalling US$720,000 and spending a total of US$2.4 million on exploration over five years.Yaak acquires additional claims

Acquisition of another 25 claims gives Yaak River Resources (OTC) of Denver a total of 128 claims on the Morning Glory structure in northwestern Montana. The property is 25 miles northwest of the town of Troy at elevations of 2,500-4,800 ft.

The company now controls 14,000 ft. of the structure which was mined intermittently between 1893 and the late 1930s.

Since the 1960s, a number of companies, including Cominco (TSE) and Noranda (TSE), investigated the property and exploration delineated a diluted minable reserve of 503,026 tons grading 0.15 oz. gold and 1.44 oz. silver per ton, Yaak says.

A recent drill hole east of Yaak’s property intersected a “narrow” section showing visible gold and assayed 1.3 oz. gold. The intercept is believed to be the downdip extension of the structure.