The company’s 100% owned Koegel Hills Property consists of 71 unpatented claims encompassing 1,400 acres located in Mineral County, Nevada. The project is an extensive copper-gold bearing porphyry system manifested by intense surface alteration that extends for more than six square miles.
In the early 1990’s, Santa Fe Minerals Company (“Santa Fe”) staked the area and conducted a limited drilling program, which intersected significantly large zones of strongly anomalous copper and gold. Values greater than 4.0% copper and 0.030 opt gold were reported in several five-foot drill samples. Santa Fe released the property when the Company was taken over by Newmont Mining Company.
In the mid-1990’s, Kennecott acquired the project and conducted detailed geochemical, geophysical and drill programs. Numerous geochemical and geophysical anomalies were encountered. Drilling on a selected few of these targets intersected strongly anomalous copper-gold mineralization over many hundreds of feet. The best intercept assayed over 200 parts per billion gold and 1,000 parts per million copper over 600 feet with high values approaching those reported by Santa Fe. Many of the existing targets remain untested.
Between Santa Fe and Kennecott more than $250,000 was spent on exploration throughout Koegel Hills. The company is currently seeking a joint venture partner for continued exploration and development of this project.