The mineral potential of Utah is being given serious attention by Centurion Mines (NASDAQ), now the state’s largest holder of precious metals properties.
The most recent acquisition was a 25% undivided leasehold interest in 1,350 acres of privately owned land in the Dugway mining district, a historic producer of gold and other metals 90 miles west of Salt Lake City, Utah. These newly acquired claims are in the central portion of a land package being explored by Santa Fe Pacific Minerals, a division of Santa Fe Pacific (NYSE), as part of a joint venture with Gold Standard (NASDAQ) involving 9,000 total acres.
As joint venture operator, Santa Fe can earn a 60% interest in Gold Standard’s 75% interest in the 1,350 acres, which means Centurion’s 25% interest remains undiluted by the joint venture arrangement. Centurion has owned and explored 3,650 acres of claims immediately adjacent to the joint venture properties since 1988. This work led to the definition of a disseminated gold target zone about 500×2,000 ft., characterized by silicification in limestone and volcanic rocks. Surface gold grades from this work are reported to be significant from an exploration standpoint. Elsewhere in Utah, Centurion is exploring its 100% controlled Sunbeam area properties covering 2,300 acres in the southern part of Utah’s Tintic mining district.
The company said recent trenching and surface geochemical work identified a large gold- and silver-bearing zone about 4,000×5,000 ft.
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