WILMINGTON, Del., Nov. 6, 2012 /PRNewswire/ -- Auric Mining Corp. (OTC: AUMY) today announced that it has signed a letter of intent to acquire Horseshoe Mines Property in Inyo County, California.
The 2240 aggregate acre Horseshoe Mines Property includes 108 lode claims which in 1990 included 28 patented and 80 unpatented claims, together with 8 five acre mill sites and approximately 155 acres fee land block.
Located approximately 90 miles west of Las Vegas, Nevada in the Tecopa Mining District, in Inyo County, California, the property, operated by Anaconda Mining Company, has collectively produced 440,000 tons of ore averaging over 47k ounces of gold, 2.9 million ounces of silver, 115.7 million pounds of lead, and 54.5 million pounds of zinc.
Although closed in 1957 due to labour strife, high production costs and relatively low prices, current technological advances and advantageous metal prices have greatly increased the prospects for the property. Since the Horseshoe property has been an important lead, zinc, silver, and gold producing property and little has been done to further mine these sites, the Horseshoe project may be a viable target for further development. It is suggested that an estimated 880,000 to 1.8 million tons of underground ore is still to be had from these mine sites.
Research data collected by an independent research group suggests that the Oro Fino vein, south of the War Eagle mine, may be a deep-seated porphyry copper and gold system. These exploration reports show a potential of at least 330,000 tons of mine grade that is expected to contain generous copper and gold ore.
Although copper was not produced from the ores mined in the past, the ores were known to contain copper minerals and small amounts of cadmium. Microscopic studies of some of the minerals found in the ore mined from the various mine sites show the various compositions of the following:
Oxides: limonite, hematite, malachite, geothite, cerussite, plumbojarosite, and cuprite
Sulfides: galena, argentite, pyrite, tetrahedrite, chalcopyrite, bornite, arsenopyrite, and covellite
Native Materials: gold and copper
Transparent Gangue: calcite, quartz, and barite
With additional research into the mine sites of the lower Noonday and Crystal Springs, these sites may prove to be comparable to the anomalies of the Oro Fina area and could serve as gold-copper lodes. Further mapping of these sites may provide a database for usable metal ratio comparisons.
The Company will provide updates as to the closing and future plans and developments on the property, as well as other initiatives
About Auric Mining Company
Auric Mining Company is as an investment and management company involved in mining and natural resources projects. The company focuses its resources by investing in on-going projects to establish immediate cash-flow for the company and to provide profitability for its shareholders. The company is currently focused on developing its properties in the Wawa area of the Sault Ste. Marie Mining District in Ontario. In addition to its prolific history for gold mining, Wawa has shown promising signs of concentrated kimberlite indicators, a favorable geological formation for diamond exploration. The company has a number of claims strategically located in this historic mining district. For more information on the company, please go to www.auricminingcorp.com.
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.
Investor Relations: 302-351-4977
SOURCE Auric Mining Corp.