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"The Golden Zone Gold Project, Alaska, lies on the south flank of the Alaska Range. The deposit consists of a gold bearing, sulfide rich breccia pipe, veins and skarns. The Golden Zone breccia pipe has been the focus of the historical exploration and development efforts. In l994, Addwest entered into an option to acquire the property with Mines Trust, Inc. a private company. By working together with the team that discovered the Golden Zone mineralization, we have moved the deposit closer to production and discovered new promising zones of mineralization. In excess of 40,000 feet of drilling, 4000 feet of underground development and 1,500 feet of trenching had been completed when Addwest acquired the property. Resource calculations on the breccia pipe based on this data ranged from 1.4 million tons grading .149 Oz Au/St (208,600 contained ounces) to 13 million tons grading .041 Oz Au/St (533,000 contained ounces). Since Addwest acquired the property in l994, it has invested approximately $2.2 million (U.S.) in exploration, metallurgical and development programs. Addwest has added 21,200 feet of drilling, 12,000 feet of trenching, significant surface mapping and sampling, an aerial geophysical survey, and three discrete metallurgical test programs. Resource estimates have been enhance to over 675,000 ounces with potential of well over 1,000,000 ounces gold. The additional drilling has substantially expanded the geologic resource and defined our geologic model. The metallurgical data indicates that 86% of the gold can be recovered using the standard metallurgical process of bulk sulfide floatation followed by cyanide leaching on the concentrate." - Pg 9, l996 Annual Report They also mention that because of the geophysical survey, they staked additional ground bringing the size of the property to 16,200 contiguous acres. Considering the additional land size, the target is considered to be "multimillion ounce" in potential. Remember also that the Oatman "district has produced in excess of two million ounces"(from page 5). So the size target does make the play interesting at .15 US even with 36 million shares outstanding (but a float of only 1.5 million shares). I posted their phone number earlier, and you can get the exact location by calling them and having them send you the annual reports which have the location in Alaska pictured. Hope this helps. |
