With the recent completion of an 8-hole drilling program on the Keystone project in South Dakota, Cyprus Minerals (NYSE) has opted to drop its option.
Cypress could earn a 50% interest in the property from 75-25 joint venture partners Texas Star Resources (VSE) and Harrison Western Mining. The work, which included 6,882 ft. of surface and underground drilling, returned vein intersections ranging from 5 ft. grading 0.13 oz. gold per ton to 19 ft. grading 0.34 oz. gold.
Citing poor continuity of vein widths and values both horizontally and vertically, Texas Star has also dropped its option.
Regarding its diamond exploration activities, Texas Star says it has recently completed staking on 243 claims totalling 510,000 acres in the McKenzie Mining District near Point Lake, N.W.T. The company now controls over one million acres of mineral claims in the Point Lake area.
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