American finds new gold zone in Uruguay

At the San Gregorio gold project in northern Uruguay, American Resource (NASDAQ) has encountered a new zone of mineralization.

The structure was intercepted in the footwall of the San Gregorio shear zone, about 130 ft. beneath the surface.

Drill holes MB15 and MB7 hit 33 ft. and 26 ft., respectively, averaging 0.082 oz. per ton.

Additional drilling, in the main deposit, will evaluate the continuity of the new gold zone.

In other news, American Resource plans to sell its 78% stake in American Pacific Minerals (NASDAQ) to a group of Canadian investors.

American Pacific’s main asset is the Goldfield mine, near Tonapah, Nev.

American Resource will continue to provide funds to American Pacific for costs related to the closure of the Goldfield.

The sale is not expected to have a material effect on American Resource’s bottom line.

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