Mining Operations on War Eagle Mountain will Commence late June on a near surface section of the Oro Fino Trench
May 09 2019 - 9:48AM
InvestorsHub NewsWire
Mining Operations on War Eagle Mountain will Commence
late June on a near surface section of the Oro Fino
Trench
Phoenix, AZ -- May 9, 2019 -- InvestorsHub NewsWire -- 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.
Contact:
Discovery Minerals Ltd.
Info@discoveryminerals.com
Discovery Minerals (CE) (USOTC:DSCR)
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