Caprock says results from a recently completed work program on the property have been sufficiently encouraging to justify additional work by joint venture partner BHP-Utah.
Although the company did not disclose any specific data, it said several drill holes completed in 1988’s program encountered promising intervals of mineralization with values of gold, silver, lead, zinc and copper. Additional drill targets have been defined by geophysical, geochemical and geological surveys, the company said.
Under the terms of a joint venture agreement signed between the two companies last year, BHP-Utah has the right to earn up to a 55% interest in Caprock’s 25,000-acre North Park property by spending $15 million on exploration and development.
For the first three years of the agreement, a minimum of $1.5 million in expenditures is required.
BHP-Utah International is the U.S. mining and minerals division of BHP (Broken Hill Proprietary) of Australia, one of the world’s largest mining companies.
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