Monday of this week, Tombstone Exploration Corp. announced that, through its wholly-owned subsidiary, American Eagle Minerals Inc., the Company closed a lease agreement on the Eagleville property in Mineral County, Nevada. Eagleville is located along the northeast boundary of the Walker Lane structural zone in the Regent-Rawhide Mining District, Mineral County, Nevada. Terms of the agreement include a lease to purchase provision, after the term of the 10-year lease has passed.
Through the acquisition of a mid-stage gold exploration project, Tombstone Exploration has the opportunity to immediately utilize a comprehensive database to develop exploration strategies and efficiently apply them. Historically the Eagleville property has produced multi-ounce gold ore and chemical grade barite ore from over two miles of underground workings.
Silver’s value has consistently risen with that of gold; now with both precious metals in its inventory, Tombstone Exploration will focus on taking advantage of their increase in value. Although no official production records exist from the early mining activities at Eagleville, records indicate the average grade of ore was approximately 1 to 2 ounces gold per ton.
The gold bearing quartz vein deposits at Eagleville were historically developed along 8,000 feet of underground workings. The vein systems found on the property may represent the upper level of the mineralized system. Gold mineralization found in the historic workings may continue beneath the sulphide horizon, the limit of the historic workings.
According to the press release, additional work is being planned to explore the extension of the Eagleville mineralized systems under the adjacent overburden. Also, the existing data will be reanalyzed and additional field work completed to gain further insight into the geological environment at the Eagleville Mine.
Alan M. Brown, CEO of Tombstone, stated, “The exploration and development already completed on the Eagleville property are incredible. We are currently forming a team of professionals to execute our exploration activities as we plan our best strategy for development.”
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