Utah-based Centurion Mines (NASDAQ) recently acquired a disseminated gold-copper project, 175 miles northwest of Spokane, Wash., and 30 miles south of the Canadian border.
Partially tested by 118 drill holes, the Mazama porphyry copper deposit is estimated to contain a proven reserve of 149 million tons of 0.36% copper-bearing material.
The property is also considered to have gold potential as it has produced gold in small quantities in the past. Centurion’s recent work — which included analysis of drilling, plus surface and underground sampling data — is reported to have identified a preliminary resource of more than 900,000 tons of 0.05 oz. gold-bearing rock.
More exploration drilling is planned for the remainder of this year on the mineralized zone which exceeds 10 square miles in area.
Centurion President Barry Katona said the company is confident the property has potential for development of large-scale, open pit copper-gold mines. “The most exciting aspect of this deposit is our discovery that significant gold mineralization occurs in and around the central copper-bearing zone,” he stated.
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