Steele Resources Corp. is a Nevada precious metals exploration and development company. Trading on the OTCBB, the Company is operated by professionals with extensive exploration, mining, and public market experience. Their current portfolio of exploration properties includes 600 acres in the historic Comstock District, 2,300 acres near the Denton-Rawhide Mine, and their pending acquisition of rights to 145 acres adjacent to Newmont’s Phoenix-Fortitude Mine. Steele Resources Corporation also maintains a broad database of available projects throughout the state of Nevada. The Company has their headquarters in Carson City, Nevada.
The Company’s projects are the Comstock Tyler and the Fairview Hunter. The Comstock Tyler sits on the historic Comstock Lode in one of the most prolific precious metal regions in the world. The Comstock Lode produced in excess of 6.9 million tons of ore. A first round of samples was taken at the Comstock Tyler. Sampling included assayed gold value of .19 ounces per ton and silver value of 1.895 ounces per ton. Company management is evaluating the data. They are planning an extensive sampling and geologic mapping effort at the site. The Comstock-Tyler Project consists of 30 mineral claims and is a grass roots exploration play. Steele Resources believes this project has strong potential for mineral development.
The Fairview Hunter project consists of 2,300 acres located approximately 60 miles East of Fallon, Nevada. It is in an area with significant mining history. The Fairview Hunter Gold Exploration Property is comprised of 115 mineral claims. It is close in proximity to the historic Wonder mine and the Denton Rawhide Mine. The two projects are located in a predominately silver producing region. They have produced in excess of 1.5 million ounces of gold and 17 million ounces of silver.
Initial drilling at the Fairview Hunter property took place in February of 2008. Two drill target areas were identified and tested using reverse circulation drilling equipment (twelve angle drill holes, total of 5,360 feet). The results of the drilling were positive with notable gold and silver mineralization. This included 55 feet of .02 gold ounces per ton. Steele Resources Corporation believes this suggests the existence of potential mineralization along the west-northwest trending structure found in the South Pediment Target area.
In late September, Steele Resources Corporation announced that they have acquired mineral lease rights to explore the Fairview Hunter Gold Exploration Project. Two primary zones have been identified for further drilling.
Yesterday, Steele Resources Corporation announced that their subsidiary, Steele Resources, Inc. has entered into an LOI with America’s Gold Exploration, Inc. This LOI is to acquire rights to the Filipinni and Plumas Gold Exploration projects. They are located in immediate proximity to Newmont’s Phoenix-Fortitude Gold Mine. The projects have extensive historic sampling and drilling on them. They will be a key part of Steele Resources Corporation’s portfolio of exploration properties.
Company CEO Scott Dockter stated, “The price of gold is currently at its historic, all time high. Steele Resources Corporation is aggressively working to identify and acquire projects that are sufficiently advanced to allow for the near term evaluation of their potential for production. If the LOI conditions are satisfied, adding these two excellent projects to our portfolio is a significant step towards this goal.”
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