Viceroy Resources (TSE) and affiliated company Channel Resources (VSE) have started reverse circulation drilling at their Bruner gold project, in south-central Nevada.
The companies combined can earn a 50% interest from Miramar Mining (VSE) by spending US$1 million over a two years, with an option to increase that to 60% by spending a further US$1 million.
Most of the US$600,000 for this year’s program will go toward reverse circulation to test targets.
Channel and Viceroy have identified an area of widespread float with gold values as high as 0.74 oz. gold per ton, and drilling is under way to locate its source.
Work in the late 1980s by a variety of companies, including Newmont Mining, identified several mineralized zones.
Almost 100 holes were drilled in the Duluth zone and subsequent estimates by an independent geologist put preliminary reserves at about 15 million tons grading 0.026 oz. gold.
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