Located just six miles from Pegasus’ Montana Tunnels mine in Jefferson Cty., the property is reported to contain proven, probable and possible geological reserves totalling 1,108,963 tons with a grade of 0.102 oz gold equivalent per ton.
The reserves are amenable to open pit mining and would be processed at the Montana Tunnels mine. An additional 500,000 tons of dump rock and mill tailings are also available in surface dumps on the property.
Pegasus can exercise its option by spending $250,000(US) and by giving a production notice by next March, with production to begin within 36 months of the notice. High River would then retain 35% of operating profits after payback of capital, and 5% of operating profits before payback.
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