Diversified industrial company First Mississippi has posted its highest earnings since 1981. The accomplishment is partly due to higher gold prices and gold production reported by its 81.4%-owned subsidiary, FirstMiss Gold (NASDAQ).
The latter owns and operates the open-pit, heap-leach Getchell gold mine, 210 miles northeast of Reno, Nev.
The mine entered production in 1985, and in 1993 produced 210,465 oz. gold at an a production cost of US$280 per oz.
In an effort to find more ore, the company invested US$3.7 million in exploration and development at the 33,000-acre property. This ultimately led to the discovery of Turquoise Ridge half a mile northeast of the Main Getchell pit.
The discovery hole, drilled in June, 1993, ran an impressive 0.522 oz. per ton over 62 ft. at a depth of 720-810 ft. below surface.
Since the discovery, FirstMiss Gold has drilled 43 holes, almost three-quarters of which hit mineralization better than 0.2 oz. per ton at depths ranging from 700 to 2,500 ft. below surface. Initial drilling, completed on 200-ft. centres, outlined a deposit with a strike length of 2,000 ft. and measuring 1,000 ft. downdip.
FirstMiss is now drilling stepout holes at intervals of 400-600 ft. The company estimates Turquoise Ridge contains 1.3 million oz. gold, assuming an ore volume based on a 100-ft. radius around drill holes, on indicated true width and on the grade of mineralization.
FirstMiss hopes to upgrade the deposit to the proven and probable category by carrying out more drilling.
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