Recent surface work and drilling on the Gold Basin property in Arizona may be uncovering a large, low grade gold system, report partners Consolidated Rhodes Resources (VSE) and Toltec Resources (VSE). Rhodes is earning a 50% interest in the Gold Basin project from Toltec in return for US$1 million in expenditures. The property is located in Mohave Cty., Ariz.
Five holes were completed before Christmas as a followup to surface work on the No. 1 zone which returned low grade gold values over wide widths.
Three holes drilled at the western end of the zone returned individual intersections of 35 ft. grading 0.039 oz. gold per ton, 70 ft. grading 0.027 oz. and 150 ft. grading 0.032 oz.
The other two holes, drilled to the north and outside the zone, returned no significant results.
The drilling extends the zone an additional 400 ft. for a total length of more than 1,200 ft. The No. 1 zone remains open in all directions.
Soil sampling to the south of the No. 1 zone indicates the possibility of two other parallel-trending gold zones. In addition, trenching on the adjoining Cyclopic property has uncovered a new gold zone.
Consolidated Rhodes and Toltec are also earning a 100% interest in the Cyclopic property in return for cash payments totaling US$52,000 and the issuance of 200,000 treasury shares.
Trenching work on the property was done in an area about 600 ft. west of the East Fry shaft where previous sampling returned gold values of up to 0.97 oz. over 5 ft.
The new zone was traced for more than 400 ft. and is composed of a 3-to-6-ft.-wide, fault-bounded quartz breccia trending north- northwest and open in all directions.
The companies plan to continue surface work on the properties including mapping and soil sampling as well as geophysical surveys.
A drilling and trenching program will also be started shortly to further test the known zones on the two properties.
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