NEVADA – Smooth Rock Ventures has completed its option-to-purchase agreement on the Palmetto project in the U.S.
Smooth Rock now owns a 100% undivided interest in the project. The total purchase price was US$500,000.
Located in Esmeralda Cty., Nev., Palmetto consists of 79 unpatented mining claims totalling 6.5 sq. km. The property lies within the southern portion of the Walker Lane gold trend.
According to Smooth Rock, the project has had significant exploration work carried out by Newmont, Phelps Dodge, Cambior and Romarco, among others.
“To date, 173 drill holes totalling 43,940 metres have been completed on several targets within the project. The initial ‘discovery hole’ in 1988, was drilled by Phelps Dodge and bonanza gold-silver veins were subsequently drilled by Romarco Minerals in 1997-2002,” the miner said in a media statement. “(The project) was most recently explored by ML Gold.”
The Canadian company reported that Palmetto features a historic resource estimate, which was completed in 2017 by WSP Canada for ML Gold. In the inferred category, these estimates include 321,665 oz. of gold and 2,408,030 oz. of silver.
This story originally appeared on www.Mining.com.