Cons. McKinney acquires interest in Wyoming mine

Consolidated McKinney Resources has picked up a 50% interest in the Carissa mine, a gold prospect in Wyoming with a modest production history. The mine produced about 11,500 oz gold prior to its closure in the mid-1940s.

There are five developed levels at the mine over a strike length of 800 ft and approximately 30,000 tons of ore was extracted by previous operators. Most of it was taken from the high grade core of an extensively mineralized shear zone.

A major sampling program was completed in 1920 and 168 chip samples were taken at specific intervals from drifts and stopes. In total, these aggregated 1,022 ft for a weighted average of 6.1 ft and a grade of 0.37 oz, the company points out.

A recent reserve calculation using a cutoff grade of 0.3 oz came up with 7,400 tons of “sample indicated” reserves grading 0.85 oz gold per ton in eight ore blocks, the company says. In addition, a geological reserve of 37,440 tons has been estimated at a similar grade. There appears to be a high grade core in a wide and extensive shear zone which may represent a low grade reserve, the company states.

Consolidated McKinney and its joint venture partner, Carissa Gold (a private company), are contemplating a test milling program at the property plus some diamond drilling. The old mine will be dewatered and the milling program would likely involve a throughput of 50 tons-per-day over a 2-3-month period. The plant would be leased and the test work would be a precursor to a formal feasibility.