VANCOUVER – Fiore Gold Ltd. announced the company has completed acquisition of a 100% interest in the past-producing Illipah gold mine in White Pine County roughly 22 miles northeast of the Fiore’s Gold Rock exploration project.
“Planning is well under way for an initial exploration program at Illipah, with fieldwork expected to being in early August,” said Fiore CEO Tim Warman. “We plan to start with a detailed program of mapping and geochemical sampling in conjunction with permitting for a larger drilling program, which is expected to be completed in the spring of next year.”
He said that if “promising targets are identified in the meantime, we can carry out a more limited drilling program while we wait approval for the larger program.”
The Illipah site covers roughly 3,950 acres, and there is a closed heap-leach gold mine that produced 37,000 ounces of gold in the late 1980s, Fiore reported. The acquisition comes with data from 562 drill holes, soil samples, rock samples and surface mapping.
Fiore purchased the property from Clover Nevada LLC, an indirect subsidiary of Waterton Precious Metals Fund II Cayman LP for $200,000 in cash and 1.3 million Fiore shares, and the definitive agreement has received approval from the TSX Venture Exchange.