Exploration work by Formation Capital (VSE) on recently acquired ground in eastern Oregon has the company optimistic the property has potential for a bulk tonnage, precious metal deposit that may be amenable to open pit mining and heap leach processing. The 3,800-acre Mammoth property, which covers five past producers and a number of unnamed prospects explored at the turn of the century, expands the company holdings in eastern Oregon. Formation also holds the Koh property in southeastern Oregon near the Grassy Mountain gold discovery.
Recent exploration work on the Mammoth property is reported to have outlined three separate areas containing widespread mineralization in hydrothermally altered, brecciated and sheared quartz stockwork zones surrounding the higher-grade veins. Encouraging results were also noted from channel and chip sampling, including a 100-ft. chip sample that assayed 0.06 oz. gold and 3.0 oz. silver.
Formation said several major companies expressed interest in a joint venture after examining the property.
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