Moving To Acquire Buck Mountain Gold Project
Pursuit Minerals Limited (ASX: PUR) has entered into an exclusive option agreement, which grants it the right to purchase a 100% interest in the Buck Mountain Gold Project, located 18 miles northeast of Lake Havasu City in Arizona, USA.
CEO, Mark Freeman, said the project covers extensive areas of alluvial gravels containing gold, silver and PGM mineralisation, with mining having been conducted in the project area since the early 1900’s.
“The Buck Mountain Gold Project is an advanced gold-silver-PGM project and our expectation is that the NI-43-101 foreign mineral resource can be reclassified as a JORC (2012) compliant Mineral Resource with minimal additional infill drilling,” Mr Freeman saif.
“The company is very excited about the potential to significantly increase the high-grade gold-silver-PGM mineralisation on the basis that the existing Resource was measured within the alluvial gravels down to a depth of 15 feet and during the 2008 drilling it was determined that the gold, silver and PGM bearing alluvial gravels extend to at least 30 feet.
“Significantly as the mineral resource was estimated within 50 acres and theleases cover 320 acres.
“In addition we believe that the potential to develop the project can be quickly assessed in a very cost effective manner due to the simplified nature of feasibility studies applicable to alluvial gold deposits along with the extensive metallurgical test work which has already been completed.”
Pursuit has until September 30, 2020 to complete a programme of due diligence on the Buck Mountain Gold Project.
In 2014 a large number of auger soil and gravel samples were collected from 128 sample locations on a regular grid across the entire project area. The samples were collected, from surface to an approximate depth of 3-4 feet. These samples are currently in storage awaiting processing and fire assay for gold. Pursuit will process and assay a limited number of these large samples to further verify the grade and distribution of gold-silver mineralisation within the alluvial gravels.
Pursuit will also re-drill 21 of the auger samples sites from 2014. Data from these activities will be important in determining if the due diligence program is successfully completed.
The Buck Mountain Gold Project claims are located on an alluvial fan surrounding the Mohave Mountains which lie within the Basin and Range province of the western United States, where eroded mountain ranges are separated by sediment-filled valleys or basins.
The Mohave Mountains have a long history of sedimentation, igneous activity, metamorphism and structural deformation.
Many indications of mineralisation have been recorded, and a long mining history can be traced back as far as the early Spanish settlers. The alluvial gold-silver placers supported an estimated 5,000 to 10,000 miners during the 1930’s depression years.