Mining Operations on War Eagle Mountain will Commence late June on a near surface section of the Oro Fino Trench
Phoenix, AZ, May 09, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Discovery Minerals LTD (OTCQB:DSCR) is an acquisition and development Company that targets natural resource properties primarily in precious metals and mining operations. Discovery Minerals is pleased to announce that mining operations will commence on the War Eagle Mountain Project in late June, 2019 on the Oro Fino Trench.
As previously reported the initial mining target is a near surface extension of the Oro Fino Vein with approximately 70,000 tons of ore. The recent independent survey by Geoff Boswell of Underhill Associates revised the ore grade from 10g per ton to 15g per ton Gold with a ratio of 5 oz of Silver for each oz of Gold. It is also expected to find enrichment cross structures with greater tonnages in the dilation zone and higher grades of gold & silver at these intersections. While this initial operation is progressing the Company expects to encounter further ore positions while mining development headings to expand operations. To be clear this is only a small fraction of the War Eagle Mountain Project and the Company’s planned operations. Oro Fino is one of three vein structures that have shafts to a 1250 feet depth and can be traced for 2 miles. The other two significant structures being Central and Poorman.
Russell Smith, CEO of Discovery Minerals, Ltd, stated, “The Company and their JV partner are enjoying the prospect of the commencement of a serious mining campaign on this prolifically productive and well regarded historic mining area, situated in the Owyhee Gold area of the Silver City Mining District. We have a tremendous team in place and look forward to reporting on continued progress as we identify additional target ore bodies. All Geologists, including the most recent conclusions of Underhill Associates, state that War Eagle Mountain contains multiple high grade gold and silver veins, similar to those of the rich mines of northern Nevada and we look forward to many years of operations to fully develop this resource. This is both the culmination of many previous years of work and the beginning of an extremely exciting time for the Company and our Shareholders. As always I would like to thank our Shareholders for their continued support as we grow Discovery Minerals.”
About Discovery Minerals Ltd.:
Discovery Minerals Ltd. (OTC PINK : DSCR) is an acquisition and development company that targets natural resource properties and cutting edge technology opportunities through its subsidiaries. The Board of Directors has determined that these activities be continued with an emphasis on early positive cash flow from any projects undertaken.
History of War Eagle Mountain.
War Eagle Mountain is a proven historic gold and silver resource located within the Silver City Mining District in Owyhee County, Idaho. The Oro Fino Vein was discovered in 1862 and extends approximately 12,500 feet in length and 2,000 feet in depth producing about 415,000 ounces of gold through 1875. During the fall and winter of 1874 the owners of the Golden Chariot mine completely refurbished the shaft and mill equipment, effectively "betting the ranch" on the secure knowledge that the Oro Fino Vein continued uninterrupted for a considerable distance and that approximately 85 % of the "known" and "mapped" veins had not yet been mined. By the end of 1875 a total of ten shafts had been sunk on the vein ranging in depth from 300 feet to 1250 . At the height of the mining boom on the Oro Fino Vein, there was a nationwide depression with Bank collapses and the source of working capital for the mines dried up. During the winter of 1875-1876 the shafts filled with water to a point that the Golden Chariot Shaft contained 1100 feet of standing water. In 1904 the American Smelter Corporation drove the Sinker tunnel to drain the mine, however production mining never commenced before the tunnel entrance was covered in a landslide. This cloistered condition has existed for the past 140 years, which has resulted in the preservation of this historical vein system without it being disturbed by intruders or miners. The Sinker Tunnel was rediscovered in 1994 and current ownership has been assembling the patented claims for years finally bringing the Sinker Tunnel, Patented Claims and a modern Mill under common control to allow mining operations to resume. The early mining at this historic resource was accomplished primarily with picks and shovels and a few pounds of black powder. Now with modern equipment and techniques the DSCR JV will seek to mine the balance of the War Eagle Mountain hydrothermal deposits. Mining will include the Oro Fino, Poorman and Central vein systems.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
Authorized by Russell Smith, CEO.