Midway Gold acquires Eagthe Golden Eagle property

Midway Gold Corp has announced that it has acquired a 100% interest in Eagthe Golden Eagle property, which is located in Ferry County, Washington.

The acquisition is being made from Kinross and Hecla, through a wholly-owned subsidiary created to hold the property.

The property comprises 211 acres of private land adjacent to the Republic Knob Hill veins, which have produced high-grade gold for Hecla for over 20 years.

Midway’s chief executive, Alan Branham, describes the site as offering a very attractive underground high-grade vein exploration target.

The group says, in the light of new technologies and a higher gold price, it will be reviewing options to process sulfide mineralisation, adding that the ability to explore the deeper targets combined with the strategic access to Kinross’ nearby mill could add value to any new oxide ounces discovered on the property.

An historic resource for the Golden Eagle property, which dates from 1996, gives 32,191,280 tons grading 0.069 ounce per standard ton for 2,221,198 ounces of gold.

Midway points out that a qualified person has not reviewed this resource and the historical estimate should not be relied upon.