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Cortez gold camp still investment magnet
By: Tim Wood
Posted: '03-JUN-04 05:53' GMT © Mineweb 1997-2004
NEW YORK (Mineweb.com) -- Placer Dome's [PDG] Cortez Hills discovery continues to be the catalyst for regional investment. More so after it was announced at a recent Geological Society of Nevada meeting that Placer had drilled a hole in the area between the Cortez Hills and the Pediment deposits that had returned 1.5 ounces per ton over more than 400 feet.
That is especially good news for Mirinda Gold [MAD], the Vancouver junior that has just picked up four critical mineral leases that Australia's Newcrest [NCM] released. The properties are wedged between Cortez Joint Venture claims and Placer Dome claims. Two of the properties are just 3 miles south of the secretive ET Blue discovery that has been placed in abeyance because of legal complications. Additionally, Miranda staked 28 claims on the Cortez Trend which were accidentally overstaked by Newmont when the world number one locked up a large land package in the Kobeh Valley area.
Investors are backing the team of president and chief executive, Ken Cunningham, and Joe Hebert, vice president of exploration, to find something akin to Cortez Hills which was rapidly drilled to bring 4.5 million ounces of measured and indicated resources onto the books. Herbert is considered one of the best generative geologists anywhere and is a proven ore body finder, especially in the district Miranda is working in.
The Cortez Hills camp received another boost with the announcement that CMQ Resources 
[CMQ] had managed to raise $6.5 million in a private placing late last month, of which $4 million, or more than 11% fully diluted, was taken up by Gold Fields [GFI]. The Gold Fields purchase cements a strategic alliance with CMQ that gives it a three-year right of first refusal on the junior's Nevada properties.
American gold projects are a hot item because they remove the currency risk that has plagued operations in other countries.
CMQ, which is backed by Calgary powerhouse, Matco Capital, is spending some of the proceeds on exploration of its Montezuma and Vasquir properties in the Crescent Valley. The hope is that a large granitic intrusive on the Montezuma property that resembles the geology of Pipeline-Cortez, Cortez Hills and Goldstrike will contain a goodly amount of gold. The Vasquir property is just four miles north of the now legendary Cortez Hills discovery, but is at an earlier stage of development.
White Knight Resources [WKR] is another area play that has managed to raise a lot of money with relative ease and has enticed Goldcorp [GG] to take a better than 10% stake in the Canadian explorer. Goldcorp spawned the Red Lake staking rush so its involvement in the Cortez area is notable.
White Knight announced yesterday that it has also acquired more land in Nevada, namely the Benmark and Goldstone properties located in Eureka County. The company is looking for Carlin-type gold deposits.
Nevada Pacific [NPG] owns the Keystone property which lies within the greater district and is mobilising a drill rig to the site to begin work this month. Keystone is south of ET Blue and East of Tonkin Springs. Although it is a useful lever for the company given the excitement surrounding Cortez Hills, Nevada Pacific has been focusing on its Amador project. However, it recently optioned the Pat Canyon property, immediately adjacent to the Tonkin Springs gold mine, which is owned by US Gold Corporation.
J-Pacific Gold [JPN] has also attracted a joint venture partner to the area, announcing that Japan's Jipangu may take up an option to earn a 50% interest in the Golden Trend and HC properties. Jipangu is J-Pacific’s largest shareholder, controlling more than a third of the junior.
Golden Trend is 5 miles north of the Pediment deposit which Placer is apparently successfully linking to Cortez Hills with its latest exploration programme. The HC-Property is closer to ET Blue. Targets have been identified on the GT property and drilling will commence imminently, whilst a geochemical programme is underway on HC.
Bema Gold controlled Victoria Resources [VIT] has been drilling its Mill Canyon property, which western edge is less than a kilometer from the Cortez Hills discovery. Exploration results to date are encouraging though considerable work needs to be done before there is confirmation that the Cortez Hills structure extends to Mill Canyon.
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