GMR Global Mineral Resources Acquires 100% Red Elephant With Indicated Resources of 35,000 Ounces Goldadmin
GMR Global Mineral Resources Corp. announces the 100% acquisition of the Red Elephant gold property in the Slocan mining division of British Columbia, Canada.
The Red Elephant gold property consists of three BC Mineral Tenures; #501053, #502526 and #502537. The property is a (approximate) 350 hectare confirmed gold deposit located in the Badshot Range of the Selkirk Mountains, 6.5 kilometres west of the Duncan River, on the North side of Hall Creek.
Historical exploration including diamond drill core samples taken in the late 1980′s confirm indicated resources of approximately 35,000 ounces of gold; from 26,463 tonnes grading 40.8 grams per tonne gold. To date, the 100 year-old Red Elephant gold property remains greatly underexplored.
Due to the low price of gold in 1990, further exploration and development on the Red Elephant gold property was discontinued ($420 USD/ounce 1990 annual average; NYSE)
Currently, the price of gold has surpassed $1,400 USD and continues to outperform the Dow, NASDAQ, and S&P 500, as it has for the past decade. GMR Global Mineral Resources Corp. confirms this is an ideal time to develop the Red Elephant, increase the gold mineral reserves and bring the gold property into production.
“The encouraging gold values present warrant a detailed exploration program in the area. The extent and depth of the mineralized oxide zone and quartz vein should be the prime focus of exploration”