Steele Resources, www.steeleresources.com – the Nevada-based precious metals developer, today reported entry of its subsidiary, Steele Resources, Inc., into a letter of intent (LOI) with America’s Gold Exploration, Inc. to acquire rights to the Filipinni and Plumas Gold Exploration projects.
CEO of SELR, Scott Dockter, highlighted the Company’s aggressive efforts to identify and acquire projects where rapid evaluation of production potential could be assured, and cited the acquisition of these two projects – given pending satisfaction of LOI conditions – as examples of the skillful execution of SELR’s growth strategy.
Dockter cited the “historic, all time high” of gold, initial sampling data from the 600-acre Comstock Tyler Project (0.19 opt Au, 1.895 opt Ag), and notable drill intercepts at the 2,300-acre Fairview Hunter Project as further indications of the revenue potential for SELR’s investors.
Consisting of some 145 acres located adjacent to Newmont’s Phoenix-Fortitude Gold Mine (original report 8M+ oz Au in reserves), the projects each show abundant production potential:
Plumas
• Extensive early 1900’s surface mining activity for high-grade gold
• Recent testing of breccia outcrop indicates Au at up to 1.2 oz per ton (opt)
• Sizeable magnetic anomaly detected, proximity to established reserves
Filipinni
• 1980’s data shows multiple gold and copper mineralization zones (40 ft Au at .304 opt, 20 ft Copper at roughly 1.83%)
• Higher-grade zones blanketed by dense areas of 0.1 to 0.4 opt Au mineralization
• Indications are that the deposit is a gold and copper skarn related to the deposit at Newmont’s Mine
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