Hidalgo Announces Agreement Signed With North Bay on Gold Hill Projectadmin
Hidalgo Mining International Inc. announce that it has signed a Letter of Intent with North Bay Resources Inc. to enter into a joint-venture for the development of North Bay’s Gold Hill Project. Terms of the agreement will be announced once a formal contract has been executed.
The Gold Hill Project covers 5,887 acres near the village of Salmo in southeastern British Columbia. The property includes the former Gold Hill mine, and the area surrounding the Silver Dollar-Lucky Boy mines. The Gold Hill mine’s past production averaged over 29.47 grams (0.95 ounces) per tonne gold and 54.11 grams (1.74 ounces) per tonne silver, while production figures from the Silver Dollar and the Lucky Boy workings averaged 9.39 grams per tonne gold and 335 grams (10.78 ounces) per tonne silver. More recent exploration has outlined an extended strike length of over 2600 metres, with reported assays from underground workings grading as high as 57.81 grams (1.85 ounces) per tonne gold and 3790 grams (121 ounces) per tonne silver (BC Assessment Report 18766).
The property also includes a surface ore dump from the historic Erie-Arlington mine. This resource is documented in MINFILE 082FSW205 as hosting 113,000 tonnes of dump material from which samples assayed between 3 and 53.5 grams of gold per tonne.