Spokane, Wash.-based Pegasus Gold (TSE) plans to carry out underground exploration at the Diamond Hill property, 28 miles southeast of Helena, Mont.
Diamond Hill hosts a steeply dipping skarn deposit which contains an estimated 1.2 million tons grading 0.27 oz. gold per ton.
US$2.9 million has been allocated to construct a 4,500-ft. decline and perform underground drilling. The latter is designed to both expand the existing resource and develop a minable reserve.
Pegasus owns all of the property, subject to a 15% net profits interest.
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