Cobb Creek (Independence)Cobb Creek (Independence)
On November 19, 2004 Staccato announced that it acquired the Cobb Creek gold property in the Independence Trend, Nevada on a 50/50 basis with Bell Coast Capital Corp (now Uranium Power Corp). The Cobb Creek property consists of 78 claims, 27 of which were staked on behalf of Staccato/Bell Coast in September and October 2004 in order to expand the resource area (McCall zone) and to add prospective claims. The property now comprises an area of 1500 acres. The Cobb Creek property has seen exploration by BHP, Newmont, Geomaque and Orvana since the discovery of the mineralized zone in 1983. The discovery hole at the McCall zone intercepted 0.077 ounces per ton Au between 45 and 95 feet.
Estimated resources for the McCall Zone are over 173,000 ounces of gold as follows:
Indicated Mineral Resource of the oxide mineralized zone, near surface, is 1.36 million tons at 0.040 ounce per ton gold.
Indicated Mineral Resource of the sulphide gold mineralized zone, directly below the oxide gold mineralized zone estimated at 2.37 million tons at 0.050 ounces per ton gold.
The property was acquired subject to underlying royalties and lease payments. A 43-101 technical report dated October 30, 2004 has been prepared by Michael Palawsky, P. Geo. and is available for viewing at the Company's website and on Sedar.
The McCall deposit is located in the northern Independence Mountains, on the northern projection of the "Independence Trend" of "Carlin-type deposits" which includes the deposits at Jerritt Canyon, Big Springs, Doby and Wood Gulch. Jerritt Canyon mines have consistently produced 300,000 ounces of gold each year for the past 20 years.