Exploration activity in Washington was largely focused on the Republic gold camp, a region best known for Hecla Mining’s (NYSE) high-grade (0.9 oz. head grade) gold mine. Hecla is still exploring near this mine which has already turned out over two million ounces gold (since 1941), but a number of newer players are also active in the region.
Crown Resources (VSE) has accumulated a large ground position in and around the Republic camp, with its key exploration project being the Crown Jewel property. Battle Mountain Gold (NYSE), which can earn a 51% interest, is exploring the property.
An active drilling program took place this year, and updated reserves should be released shortly, as well an announcement as to whether Battle Mountain will proceed with plans to develop the property. Before this year’s program began, Crown Jewel hosted proven and probable reserves of 5.57 million tons grading 0.13 oz. gold per ton, plus preliminary reserves of an additional 1.7 million tons grading 0.28 oz. gold.
On the west coast near Everett, a unit of Kennecott optioned the Lockwood massive sulphide project held by Island-Arc Resources (VSE) and Formosa Resources (VSE). Six holes were drilled by the major, with all intersecting massive sulphide mineralization.
A drilling program by RFC Resource Finance (TSE) boosted reserves at the Pend Oreille zinc-lead project in northeastern Washington to 3.9 million tons grading 10.4% zinc and 1.7% lead. More work is planned on this former producer.
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