Itronics Updates Auric Gold & Minerals Fulstone Project
October 11 2012 - 9:10AM
Marketwired
Itronics Inc. (PINKSHEETS: ITRO), wholly-owned subsidiary Whitney
& Whitney, Inc., reports that it has staked and registered a
total of 303 lode mining claims for Auric Gold & Minerals, Inc.
(Auric) Fulstone Project in the Yerington Mining District in
northwestern Nevada. The Fulstone Project is classified as an IOCG
(Iron Oxide Copper Gold) exploration target. It is adjacent to the
formerly operating Minnesota Mine which was originally developed
for copper and which was mined for iron ore.
Based on geological mapping, geochemical sampling, and two types
of geophysical measurements, aeromagnetics and induced polarization
surveys, Whitney & Whitney, Inc. believes that the Fulstone
Project area to the north and west of the Minnesota Mine may host
extensions of the mineral deposits exposed at the Minnesota Mine.
While there are no measured resources in the Fulstone Project area,
Whitney & Whitney, Inc. believes that based on the size of the
deposits that have been discovered in the Yerington District, and
based on the size of large geophysical and geochemical anomalies in
the Fulstone Project area, there is potential for one or more
deposits aggregating up to 500 million tons.
The Fulstone Project is about 90 miles southeast of Reno, Nevada
in the Yerington Mining District. The community of Yerington,
Nevada, is located in the south central portion of the district.
The project area encompasses 6,060 acres, approximately 9.5 square
miles adjacent to the Minnesota Mine in the northwest part of the
Yerington Mining District (this western area in the Buckskin Range
was historically called the Buckskin District). The Fulstone
Project claims are on the west, north, and east sides of the
formerly operating Minnesota Mine.
According to Nevada Bureau of Mines and Geology Bulletin 53, the
Minnesota Mine was originally worked as a copper mine beginning
before 1908. Several thousand feet of drifts and crosscuts were
driven and a 200 foot vertical shaft was sunk during early
operations as a copper mine. Copper ore was shipped, mostly during
World War I. During World War II development of iron ore was
attempted and, according to records of the Nevada State Mine
Inspector of Mines, 1,500 tons of ore for use as high-density
aggregate in concrete for ship ballast was mined and shipped from
1943 to 1945.
The United States Geological Survey in Open-File Report 96-9
classifies the Minnesota Mine deposit as the only iron skarn in the
Yerington District that has seen production. The Minnesota Mine
operated between 1944 and 1966 and is reported to have produced
between 4 million and 6.5 million tons of iron ore grading 54
percent iron. The major iron skarn deposits in the Yerington
District occur at Pumpkin Hollow and are only now being prepared
for polymetallic production consisting of copper, iron, gold,
silver and molybdenum. There are 6 discrete deposits at Pumpkin
Hollow which collectively aggregate almost one billion tons of
drill measured resource. There are no measured resources in the
Minnesota Mine area which to date has not been explored by
drilling.
The Yerington Mining District was one of the first copper mining
districts in Nevada, with copper development and production being
initiated in the 1800s. Today the Yerington Mining District is a
world class district that hosts a cluster of very large undeveloped
copper deposits that contain iron, gold, molybdenum, and silver.
There are three deposits within the district that are "elephant"
size, with combined reserves and resources that exceed 2.5 billion
tons and that contain more than 12 million tons of metallic copper.
One of these deposits (Pumpkin Hollow) is an IOCG (Iron Oxide
Copper Gold) deposit and the other two, (Bear and Ann Mason) are
porphyry copper deposits.
"We continue to believe that the Yerington Mining District is
one of the few locations in the world that hosts a cluster of such
large undeveloped copper deposits," said Dr. John Whitney, Itronics
President. "With diminishing available undeveloped mineral deposits
globally, the Yerington Mining District is rapidly becoming more
attractive for world class mine development."
Whitney & Whitney, Inc. believes the Fulstone Project has
potential as a large scale IOCG exploration target. The deposit
model being used for guidance as to potential mineralization is the
Pumpkin Hollow IOCG Project with 2009 NI 43-101 compliant measured,
indicated and inferred resources of 929 million tons containing
4.65 million tons of copper, 1.45 million ounces of gold, 55
million ounces of silver, 48 million pounds of molybdenum and 183
million tons of iron in six deposits.
Whitney & Whitney identified the Fulstone project for Auric,
and agreed to help Auric acquire the highly prospective mineral
property. Whitney & Whitney, Inc. owns 67 percent of Auric
which was formed to acquire multi-mineral (polymetallic) gold
properties, and to strategically invest in Junior Gold and Minerals
Companies that provide the opportunity to develop and commercialize
environmentally friendly polymetallic gold projects.
About Itronics Headquartered in Reno,
Nevada, Itronics Inc. produces GOLD'n GRO liquid fertilizers and
silver bullion. Itronics, through its subsidiary Whitney &
Whitney, Inc., is developing environmentally compatible mining
technology and is now providing project planning and technical
services to its mining affiliate Auric Gold & Minerals, Inc. It
also operates the popular InsideMetals.com web site,
http://www.insidemetals.com which provides a value-added WORLD VIEW
of Gold Producer Stocks, Mineral Producer Stocks, Junior Gold
Stocks, and Junior Mineral Stocks.
VISIT OUR WEB SITE: http://www.itronics.com
("Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains or may contain
forward-looking statements such as statements regarding the
Company's growth and profitability, growth strategy, liquidity and
access to public markets, operating expense reduction, and trends
in the industry in which the Company operates. The forward-looking
statements contained in this press release are also subject to
other risks and uncertainties, including those more fully described
in the Company's filings with the Securities and Exchange
Commission. The Company assumes no obligation to update these
forward-looking statements to reflect actual results, changes in
risks, uncertainties or assumptions underlying or affecting such
statements, or for prospective events that may have a retroactive
effect.)
Contact: Paul Knopick 888-795-6336
Itronics (CE) (USOTC:ITRO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Itronics (CE) (USOTC:ITRO)
Historical Stock Chart
From Jul 2023 to Jul 2024