I assume this is the property in question. This is the last news released by MXR. So any other information would have to come directly from communication with the company.
September 30, 1997
Option Signed with Gwen Resources
MAXIMUM RESOURCES INC ("MXR-V")
- Option Signed with Gwen Resources
Russell K. Godwin, President of Maximum Resources Inc. is pleased to announce that, subject to regulatory acceptance, the Company has signed an option with Gwen Resources Inc., a private Nevada corporation, to allow Maximum to acquire up to an 80% interest in 19 unpatented claims and 1 millsite claim in Inyo County, California, U.S.A.
The option held by the Company is valid until December 31, 2001, and allows Maximum to acquire an initial 51% interest by the expenditure of US$178,000 on work programs, staged payments of US$48,000 and the issuance of 100,000 common shares in three tranches. After an aggregate expenditure of US$678,000 on staged work expenditures and total cash payments of US$70,000, Maximum will have earned a total of an 80% interest. At that time a joint venture will be signed with Gwen Resources for final development of the property.
The property is located on the east side of the Owens Valley, approximately ten miles north of the town of Independence, California, and comprises approximately 375 acres. The claims form the major part of the Eureka Mountain gold project. Earlier work done in 1986 and 1987 for several Toronto, Canada, based junior mining companies, culminated in a drill program using a light, portable rotary percussion drill. Results from the program included 7.26 oz per ton gold over a vein width of 3.83 feet and 0.065 oz per ton gold over a vertical depth of 110 feet.
Maximum believes that the drill equipment used was incapable of providing adequate definitive samples. The results should be viewed as indicators of significant gold mineralization only and that the values returned were conservative and non-specific as to depths in the drill holes sampled. As noted in the report from 1987, "Several drill holes encountered broken ground which suggests the presence of this favorable mineralizing fault structure. Often no percussion drill cuttings were returned while in many of these sheared zones".
Commenting on the past work programs, Gordon D. House, P.Geo. and Vice President-Exploration for Maximum stated. "The previous work programs have shown extensive alteration associated with the high grade quartz veins and the feldspar porphyry intrusives indicating an active mineralizing system. The early drill programs used equipment incapable of returning adequate samples from depth and while the results indicate the presence of gold, the values returned should be considered conservative". Mr. House believes that a reverse circulation drill with a center return bit will enable a proper evaluation of the gold potential present.
The property covers the faulted boundary of the Owens Valley fault zone and includes mesozoic granitic intrusives and Tertiary feldspar porphyry dikes with shear related quartz veins associated with extensive alteration and gold mineralization. All the earlier work was concentrated on the high grade gold in the quartz veins, however, the extensive alteration envelope was shown to carry gold values which could be proven economic for a bulk tonnage, open pit gold mining operation.
Work on the property will commence immediately.
As noted in a news release of July 16, 1997 the property in Chile that Maximum was evaluating did not meet expectations and will not be pursued. Discussions regarding a number of other excellent prospects are on-going and may be concluded shortly.
TEL: (604) 687-1414 RGM Communications Inc. TEL: 1-800-774-5133 E-mail: rgodwin@rgm.com
TEL: (604) 681-4697 Russell K. Godwin, President FAX: (604) 681-4637 Maximum Resources Inc.
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