THE BOURSE WHISPERER: Australian-American Mining Corporation (ASX: AIW) has significantly increased its ground position at the company’s Bluebell and De Soto copper-gold-silver projects in Arizona, in the United States of America.
The company has staked 156 unpatented mining claims, which it said has considerably strengthened its ground position at the Bluebell and De Soto projects.
AusAmerican is of the opinion that the newly-staked unpatented claims contain extensions of known mineralisation at both the Bluebell and De Soto projects.
A recently-conducted field program identified prospective stratigraphy in an area located between the projects, which has been labelled ‘the Gap’.
Ground holding at Bluebell and De Soto projects. Source: Company announcement
This is the area in which and the company has staked its new claims.
“The staking of new ground at Bluebell and De Soto greatly enhances the prospectivity of the combined projects, as we believe the stratigraphic horizon that host the VMS mineralisation extends beyond the boundaries of the original projects,” AusAmerican managing director Richard Holmes said in the company’s announcement to the Australian Securities Exchange.
“In securing ‘the Gap’ between the two projects, the combined project area is a contiguous five kilometre band and this area also contains favourable stratigraphy for hosting VMS mineralisation.
“Staking this additional land is an exciting development for the company as it increases the size of the project area to over 14 square kilometres of similar geology to the historic mining areas.”
AusAmerican indicated it now intends drilling the Bluebell open pit target in Q1 2013 and will look to conduct geophysical appraisal of the newly staked ground in Q2 and Q3 in 2013.