A report by Robert Larson of Monadnock Mineral Services reveals that one of the properties generating ore for Colorado Goldfields to mill consists of approximately 800 acres of patented mining claims, from which significant gold has been produced. Surface and underground mapping and sampling was conducted along with approximately 43 core drill holes.
Analysis estimated potential gold resources of 344,000 tons of 0.41 ounce per ton gold as “near-term” targets, and 780,000 tons of 0.40 ounce per ton gold as ´intermediate-term´ targets. ´Near-term´ targets are defined as those adjacent to, or within several hundred feet of existing mine workings, whereas ´intermediate-term´ targets were up to 4,000 feet to the east of the existing workings.
One of the drill holes in the ´near-term´ targets encountered 70.7 feet of 0.127 ounce per ton gold, with one interval of 3.8 feet of 1.262 ounce per ton gold. One of the drill holes in the ´intermediate-term´ targets encountered 7.2 feet of 0.368 ounce per ton gold.
Larson went on to say, "This is an ideal venture for a small to medium-sized mining company to begin development and initiate test-mining with custom-milling within the existing mine workings. These properties have the potential of producing 400,000 ounces of gold from near and intermediate-term.
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