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Thursday, 20th March 2008 (7490 views)

Entree Gold has reached a second agreement with Empirical Discovery to explore porphyry copper-gold targets in the area north and north-east of the Bisbee Mine in Arizona, the company has said.

Under the deal, Entree will search for gold targets within a 10,800 hectare parcel of land. It can acquire an 80 per cent interest in any deposit it discovers within this zone by incurring exploration costs of $1.9 million (£958,840) or more and issuing 150,000 shares within five years of the effective date.

The current exploration programme for the Bisbee properties has a budget of $726,000.

The Bisbee Mine was one of the first properties to be acquired by the then-Phelps Dodge mining firm. It is reported to have produced precious metals between 1877 and 1975.

According to historic estimates for the site, its gold resources were put at 152 million tonnes averaging 0.58 g/t gold.

Structures trending north-north-east are believed to be important controls on this mineralisation.

Entree's other operations include Lookout Hill in the southern Gobi Desert, Bayan Ovoo and Manlai.

 

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