After a number of deadline extensions, Placer U.S., a unit of Placer Dome (TSE), has agreed to enter into a joint venture with Athena Gold (VSE) on the Talapoosa property in western Nevada. The agreement was subject to a US$250,000 work program on the property conducted by Placer to confirm grade and tonnage estimates.
Athena estimates geological reserves of 17.9 million tons grading 0.054 oz. gold per ton and 0.65 oz. silver. The program included five core holes and 10 reverse circulation holes. Results of the program are reported below.
Placer can earn a 51% working interest in the property by making contributions, advances, and work commitments in several stages which could total US$34 million. In addition Placer must make open market purchases totalling US$5 million in four stages to the start of production. Intercept Gold Silver Hole No. (ft.) (oz./ton) (oz./ton) TAL-172 250 0.050 0.656 TAL-173 100 0.060 0.529 TAL-174 180 0.049 0.256 TAL-175 270 0.032 0.220 TAL-176 300 0.044 0.445 TAL-177 60 0.047 0.834 TAL-178 30 0.024 0.740 TAL-179 335 0.040 0.936 TAL-180 260 0.043 0.640 TAL-181 305 0.037 0.413 TC-6 150 0.043 0.331 TC-7 20 0.077 0.600 TC-8 80 0.066 0.970 TC-9 180 0.028 0.543 TC-10 150 0.038 NA
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