Geovic Mining, www.geovic.net – the exploration and development company whose primary operation concerns a 60.5% ownership in a major cobalt-nickel-manganese deposit in the Africa’s Republic of Cameroon, reported the acquisition today of 71 exploration permits in Arizona’s Whetstone Mountains.
Located in the northwest region of the Whetstone range, Pima/Cochise Counties to be exact, the permits sit on a 66.5 sq mile area which was identified during a recent (2009-2010) sampling program as bearing extensive surface gold mineralization along a nine-mile trend.
Indications provided by analysis of the extant data paint a clear picture of regional detachment faults, hosting what appears to be a quartz-based micro-fine gold deposit ideal for shallow, bulk-tonnage operations.
The gold identified thus far appears to be a high level composition of low temperature gold-arsenic-antimony-mercury, the near-surface location is reinforced by other data and historical analysis of similar mineralization.
Indeed, such mineralization is widely known from other examples; extensive silica flooding/veining, alteration of the clay and the associated displacement of other sediments, volcanic and older basement rocks, all justify the analyzed site profile.
The absence of any historical production in the area makes the site a prime opportunity to host a virgin gold production operation.
An initial exploration program has been devised according to the analysis produced thus far, projections indicate a 2011 start date for the program and securing of financing is already underway.
Between its operations in Africa and this most recent and very promising acquisition in AZ, the company has created a very stable portfolio of assets which directly address a rapidly growing global precious/base metals market.
From this perspective it is quite clear that Geovic stands poised to deliver substantial returns to the company’s investors.
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