Cordex Syndicate Exploration and Development Sample Clauses

Cordex Syndicate Exploration and Development. The property remained functionally dormant until 1970, when an exploration group known as the Cordex I Syndicate (Jxxx Xxxxxxxxx, Pxxxx Xxxxx and Rayrock Resources) leased the property on the strength of its similarity to Gxxxxxxx and structural position along the range-front fault zone bordering the Osgoods. Following a surface mapping and sampling program, 17 rotary holes were completed in and around the initial Pxxxxx pit in 1971 and confirmed only low-grade gold values. An 18th step-out hole discovered a 90' (27.4 m) intercept of 0.17 (5.8 g/t), indicative of a subcropping extension to known mineralization northeast of the original pit, resulting in the definition of what would become the "A" zone at the Pxxxxx property - a 60 foot x 1,000 foot shear zone estimated to contain 1.5 M tons of 0.18 opt Au. Continued exploration southwest of the original pit defined the "B" zone, estimated at 1.7 M tons at 0.15 opt Au. No production was attempted at the time because of low gold prices ($65 per oz) (Kxxxxxxxxx, 1983; MxXxxxxxx et al., 2000). The gradual rise of gold prices to > $250 per oz. in the late 1970s allowed the Cordex I Syndicate - which then consisted of several minority partners - to reorganize into a partnership known as Pxxxxx Mining Company, with Rayrock Mines as the operator, and begin production. Homestake Mining Company and Bxxxxxx Gold became partners in Pxxxxx Mining through their purchase of some of the minority interests (MxXxxxxxx et al., 2000).