M3 Metals: Bringing a Gold Mine Back to Life
M3 Metals is a public listed company, focused on the exploration and development of its North American metallic mineral projects. M3 Metals is currently advancing their Mohave Mine Gold Project in Arizona.
Mohave Mine Gold Project
The Mohave project covers over five square miles of strongly altered rocks as well as virtually all of an historic gold district. This district is estimated to have produced about 100,000 tons at a grade of between 0.33 and 0.5 oz Au/ton. The project comprises of 148 unpatented lode claims and 13 mill sites. It’s located in a mining-friendly environment on land administered by the Bureau of Land Management (BLM). There have been more than 550 drill holes totaling more than 68,000 feet drilled on the project. This drilling has developed a historic Reserve of 56,000 oz/Au and a historic Resource of 40,000 oz Au for total of 96,000 ounces of gold.
Further, all of the historic drilling has been done in the northern one-fourth of the property. Also, the majority of these holes were shallow, 100 feet-deep, air-track holes, and many stopped in ore-grade mineralization. Most of the work was done in the 1980s and 1990s. The work was directed toward putting the known gold reserve/resource in the northern part of the property into production rather than exploring the potential for a much larger, 1 M oz Au, deposit.
The previous private owners spent approximately $12 Million developing the property and installing a heap-leach facility. Before the pad could be loaded, the group ran out of funding, and the property has set idle since the 1990’s.
“We see that there’s huge upside potential that we can go in and prove up a massive resource prior to going into production”, says President Adrian Smith.
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