Salt Lake City, UT (PRWEB) October 27, 2010
Treasure Incorporated, a minerals exploration company based in Salt Lake City, has confirmed it will proceed “as quickly as possible” to develop its Champion Reef Claims in west-central Utah after third party assays verified high gold values.
Matthew J. Ure, lead geologist and chairman of the Treasure board of directors, confirmed Friday that Treasure’s third party assays were showing “significant” values in gold, “more than most of the working gold properties in Nevada are now finding profitable.”
Third party verification of gold values in ores from the Champion Reef gold deposit was conducted by ALS Chemex of Reno and Vancouver and were received by the company on Oct. 18.
“In fact, our values came in at double the average of most gold processing operations of our neighbors in next-door Nevada. We are pleased with our findings,” said Ure.
“We will now be interviewing experienced mining companies to see who provides our best fit for this project,” Ure said. “Our expertise is in exploration” Ure said.
“Conservatively, we are talking an average of 4 ppm, which would mean we will be processing about 7 tons of ore to obtain 1 ounce of gold,” Ure said.
Gold is measured in parts per million or grams of gold per metric ton of ore. Many profitable gold mining operations are utilizing ores running 0.027 ounces gold per ton if the ores are available in large quantities. This amounts to less than one gram of gold per ton. 1 gram equals 1 ppm or 0.029 ounces of gold per ton.
“Gold values found by ALS confirm assay data generated by Treasure Incorporated‘s own geochemical laboratory.
“Treasure’s geochemical survey has disclosed sizeable ore masses grading 4.75 ppm or 0.138 ounce of gold per ton. In surface rock chip analysis gold values range from 0.005 gold ounces per ton to 0.085 gold ounces per ton.
“Samples taken from the cores of boulders and from sub surface ores typically carry 0.100 + ounce of gold per ton or better and appear to be consistent throughout the siliceous masses,” Ure said.
For comparison, the company provided statistics on other gold mines and their average gold content per ton.
Granges mines in Nevada, Canada, California and Trout Lake, averaging 0.056 ounce gold per ton.
Crow foot, Nevada; 0.032 ounce gold per ton.
Lewis mine, Nevada; 0.032 ounce gold per ton
Mercur Mine, Mercur Utah: 0.090 ounce gold per ton.
Melco Mine, Utah: 0.060 0unce gold per ton.
Drum Mine, 2 Miles East of the Champion Reef Property.0.040 ounce of gold per ton.
Ivanho, Mine Nevada; 0.045 ounce of gold per ton.
Gold Quarry, Nevada; 0.042 ounce of gold per ton.
The company’s exploration work and internal assays have been conducted over the last two years by Ure and by Arthur J. Mendenhall, an independent consulting geologist brought in by the company to work on the Champion Reef project. The Champion Reef claims cover about 200 acres.
“We initially had strong indications that this site could prove to be as rich as any of the gold mining sites in the Carlin trend or elsewhere in Nevada,” said Ure. “Anaconda was in the area in the 1980s and sank some shafts and completed some major exploratory work until they decided to focus on mining operations outside of the U.S.,” he added.
The company is also working on its Apex-Ten Mile exploration, 800 acres it leases between the Kennecott Utah mine and the Tintic Mining District, as well as gallium deposits at an undisclosed site in Utah.
Treasure was incorporated in 2010. Its board members include Matthew Ure, Salt Lake City; Garn Christensen of Boise, Idaho; Skylar Christensen, Boise, Jim Hogle, Salt Lake City; Jim Ure, Salt Lake City; and Jim Barsch of Highland, Utah.
About Treasure, Incorporated.
Treasure is an exploration company formed in 2010 specifically for the discovery and exploration of properties that have economically viable mineral resources. With the focus of the company on finding precious metals and rare earths, Treasure, Incorporated. is not in the business of developing and operating mines. We will partner with experienced mining companies to do the actual development of our properties.
For more information contact
Jim Ure, Secretary
801 467 0893 office