Mark V aims to revive Montana’s Bagdad mine

Mark V Petroleums and Mines has received some encouraging assay results from its wholly-owned Bagdad Gold property in Granite Cty., Mont.

After lying idle for over 40 years the property was rediscovered by geologist Wayne Peterson hidden in the Granite Cty. woodlands.

In a bid to bring it to production by mid-1988, Bagdad is spending $500,000(US) to expand reserves which stand at 35,000 tons to 40,000 tons of average 0.5 oz gold per ton (according to preliminary estimates).

However, the company says more assay results are needed to confirm current reserves and grade estimates.

Mark V said assays of samples taken from a high grade zone along the western extension of the South Bagdad vein averaged 1.82 oz gold and 10.97 oz silver.

“These results indicate a 100-ft- long high grade zone which is open laterally along strike and to depth,” said President Leslie Hart. According to Peterson it has been traced on surface for over 1,000 ft.

Lead assays also indicate that the zone may average approximately 3.6% lead, added Hart who is attempting to build reserves to between 100,000 tons and 150,000 tons before contemplating production.

After completing 900 ft of drifting and crosscutting, Mark V is currently testing the vein down-dip, with a 5,000-ft diamond drill program initiated beneath the currently developed level.

Peterson says he recently discovered another 6-ft to 12-ft-wide vein 900 ft south of the Bagdad vein. Called the China Wall, it has been traced on surface for over 500 ft.

First discovered in 1893, the Bagdad property was close to production as a lead-molybdenum bet, but it has remained idle until Mark V acquired the property from a Philipsburg, Mont. family in January.

Development so far consists of three adits totalling 800 ft and a 50- ft raise. Hart said his company will construct a 6-mile road to provide access from the South Bagdad vein to a 1,000-tpd concentrator which is available for custom milling.