A high-grade gold occurrence has been discovered at the Grouse Creek project in south-central Idaho.
Operator Hecla Mining (NYSE), whose partner in the venture is Great Lakes Minerals (TSE), reports that five holes intersected the discovery, with the best result averaging 3.32 oz. gold per ton over 25 ft. Other results included: 0.581 oz. over 10 ft., 0.384 oz. over 10 ft., and 0.769 oz. over 15 ft. All results are quoted on a gold-equivalent basis.
The discovery was made during a 63-hole program aimed at extending known zones of gold mineralization.
In addition, infill drill results suggest there is potential for improving the overall grade in known areas of mineralization, the best result being 0.455 oz. over 130 ft. Other results ranged from 0.25 to 0.673 oz. over 10-25 ft. Here, too, results are reported on a gold-equivalent basis. This year, US$1 million will be spent outlining more mineralization and developing a minable reserve for the new zone.
Currently, Grouse Creek is estimated to contain 5.1 million tons (proven, probable and diluted) averaging 0.055 oz. gold and 1.1 oz. silver per ton. Great Lakes can increase its ownership to 30% from 20%, with Hecla controlling the remainder.
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