PR out today, looking good for Mineral Ridge,
Maybe Gold will pop for a change, ???
biz.yahoo.com
Golden Phoenix Minerals Reports Drilling Results At
Contact Show All Holes Intercepted Copper
- Excellent Progress on Reopening the Mineral Ridge Gold Mine -
RENO, Nev., Feb. 28 /PRNewswire/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - news) said today that the
results of a short drilling program conducted in December at its Contact copper property showed that all holes drilled intercepted
copper mineralization.
A four-hole, reverse-circulation-drilling program was completed in mid December with a total of 1850 feet drilled with two holes
located in the main Banner zone and two in a peripheral target. The best hole reported was CRC-00-3, which intercepted 60 feet
of 0.78% Cu. This interval contained a high assay of 5 feet of 3.24% copper, and the hole had other short intervals of copper
mineralization.
Golden Phoenix previously estimated the identified copper resource for the Contact property at about 61.5 million tons averaging
0.77% copper at a 0.2% cutoff grade for 953 million pounds of copper. The Company is currently evaluating the economics of
building a high-grade underground mine and continues to seek a joint venture partner.
At Mineral Ridge, the Company has a mineable reserve of 2,658,000 tons averaging 0.079 ounces gold per ton for a total of
209,200 ounces. Since the Company purchased the property over three months ago, it has completed seven gold pours from the
ongoing rinsing of the gold ore on the mine's leach pads and cleanup of the process plant. It has also been maintaining and
repairing portions of the processing plant, refinery, assay lab, solution ponds, leach lines and offices.
Mining operations are tentatively scheduled to begin early to mid second quarter, subject to final approval of the Reclamation Plan
by the regulatory authorities, posting of the reclamation bond, completion of the financing agreements, and finalizing an acceptable
mining contract.
In addition to Mineral Ridge and Contact, Golden Phoenix controls 100% of the Borealis gold-silver property located two hours
southeast of Reno. The Company previously identified an indicated and measured resource of 33.4 million tons averaging 0.044
ounces gold per ton containing 1,454,700 ounces of gold, and 0.22 ounces of silver per ton containing 7,612,000 ounces of silver.
The Company is interested in a joint venture with a qualified mining company.
Golden Phoenix Minerals, Inc. is a mineral-property development company headquartered in Reno, Nevada. It specializes in
acquiring and consolidating large, advanced-stage properties with potential for near-term production and good resource
development potential. Acquisition and development emphasis is on deposits containing gold, silver, copper and other strategic
minerals that are located in Nevada.
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If Gold can pop to over 325, GPXM should be very attractive on a opened Mineral Ridge operation.
maybe light at the end of the tunnel. |
