Mining | Pioche-Ely
United States Mineral Interests
The Company’s mineral interest in the United States is its ownership interest of approximately 55% in Pioche-Ely Valley Mines (“Pioche”). Pioche has been inactive for many years.
Pioche’s properties include 48 patented and 5 unpatented claims totaling approximately 1,500 acres. All the claims are located in the Pioche Mining District, Lincoln County, Nevada. There are prospects and mines on these claims that previously produced silver, gold, lead, zinc and copper. The ore bodies are both oxidized and sulfide deposits, classified into three groups: fissure veins in quartzite, mineralized granite porphyry and replacement deposits in carbonate rocks (limestone and dolomites). There is a 300-ton-a-day processing mill on property owned by Pioche. The mill is not currently in use and a significant expenditure would be required in order to put the mill into continuous operation, if commercial mining is to be conducted on the property. The Company believes that the real estate value of Pioche is greater than the metal value.