A Nova Scotia-based junior recently exercised an option to acquire the Tyro property in Mohave Cty., Ariz., a gold project containing preliminary reserves of 1 million tons averaging 0.12 oz. gold and 0.34 oz. silver per ton.
Gerald McConnell, president of Etruscan Enterprises (VSE), reports that the company paid the initial $50,000 of the $300,000 purchase price by issuing 47,047 common shares and two promissory notes.
The first note in the amount of $150,000 is due on the first anniversary of the purchase, while the second payment of $100,000 is due on the second anniversary.
Previous operators did more than 10,000 ft. of drilling on the Tyro property which was discovered in the late 1860s. The main target is the Tyro vein which extends on surface for over 4,000 ft. with visible widths of 15-50 ft. The most recent work was conducted by Inca Gold, which drilled 15 holes this year. This work is reported to have returned a 40-ft. intersection grading 0.24 oz. gold.
Some preliminary metallurgical work was also carried out from drill samples of the mineralized zone, and results indicate the material is amenable to leaching techniques.
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