Marigold Mining Company Terminates Option Agreement
Waseco Resources Inc. (the “Company”) (TSX-V:WRI) has received notice that Marigold Mining Company (“Marigold”) has decided to terminate the Battle Mountain Ridge Option Agreement. This agreement was originally established between Marigold and Waseco Resources US Inc., a wholly owned subsidiary of Waseco Resources Inc. The termination indicates a significant shift in their collaboration on this prospect.
Details of the Battle Mountain Ridge Property
The Battle Mountain Ridge property is strategically located approximately 10 kilometers south of the Marigold Mine. This mine is a significant producer in the area, yielding around 220,000 ounces of gold annually, and has surpassed a total production of over 5 million ounces. This proximity underscores the importance of the Battle Mountain Ridge project in the region’s mining landscape.
Marigold's Exploration Activities
In an effort to assess the potential of the Battle Mountain Ridge property, Marigold executed a 14-hole, reverse circulation drilling program that totaled 2,911 meters. This exploration campaign focused on two key areas of the property: six holes in the “North Zone” and eight holes in the “South Zone.” The aim was to better understand the mineralization present in these zones.
Drilling Outcomes
The results from this drilling program revealed some encouraging intersections, demonstrating the presence of gold mineralization:
- Drill hole MRA7890 intersected 7.60 meters grading 2.01 grams per tonne (g/t) Gold (Au), including 3.00 meters at 4.48 g/t Au.
- Drill hole MRA7857 recorded 35.10 meters at 0.53 g/t Au, featuring a notable segment of 15.20 meters at 0.96 g/t Au.
- Drill hole MRA7858 highlighted 19.80 meters at 0.61 g/t Au, with 12.20 meters at 0.86 g/t Au inclusive.
These assays confirm the containing and orientation of gold within the Battle Mountain Ridge project. The expenditures for the 2022 exploration reached approximately U.S.$547,690.38, fulfilling the initial Phase 1 Work Requirement outlined in their agreement.
Strategic Comments from Waseco's Leadership
Richard Williams, the President of the company, emphasized the historical focus on surface oxide gold exploration in the camp. However, a notable trend has emerged, with more companies now exploring deeper to reach potentially higher-grade sulfide-bearing systems, which are thought to be connected to the disseminated gold found near the surface.
Examination of Previous Discoveries
Of particular interest is the higher-grade North Zone, where six out of the fourteen drill holes were positioned. This area was previously noted for impressive results from Waseco's exploration efforts, including a record in Hole #5 that yielded 25.4 g/t over 3.7 meters. Exploratory efforts are ongoing to fully understand the depth and consistency of the mineralization present.
The exciting discovery of high-grade gold in previous drilling was tied to the identification of stibnite (an antimony mineral) coupled with gold at the surface, yielding exceptional sample results of up to 9.0 g/t Au. Historical studies signify that antimony presence often indicates a deeper sulfide-bearing gold system, which Waseco aims to explore further, provided they secure additional claims in the vicinity and obtain the necessary funding for exploration.
Contact Information and Company Overview
For those interested in more information about Waseco Resources and their ongoing projects, further details can be found on their website. Richard Williams, the President, is available for inquiries at the telephone number (416) 364-3123 or via email.
Frequently Asked Questions
What is the significance of the Battle Mountain Ridge project?
The Battle Mountain Ridge project holds potential due to its proximity to the productive Marigold Mine and its initial exploration results that indicate the presence of gold.
What were the findings from Marigold's drilling campaign?
The drilling campaign revealed several intersections of gold mineralization, highlighting the potential of the North and South Zones.
How does the termination of the Option Agreement affect Waseco?
The termination marks a new phase for Waseco as it may seek alternative partnerships or explore the property independently to unlock its potential.
What future plans does Waseco have for exploration?
Waseco plans to continue exploring Battle Mountain Ridge, especially focusing on depth exploration to uncover higher-grade mineralization.
How can I contact Waseco Resources?
Interested parties can contact Waseco Resources through their website or reach out directly to Richard Williams at (416) 364-3123 or via email for more information.
