Flagstaff Property, Washington
The Flagstaff property, located approximately 5 miles west of Northport Washington, and 15 miles south of Rossland.In 1981, CE Minerals of Athens, Georgia, outlined a historic resource of over 1.3 million tons of 4.2SG barite while drill defining an on surface, open pittable, barite deposit.
The Company has received a Mine Permit to mine up to 100,000 tons of barite per year, and has entered into a take off agreement to supply a minimum 20,000 tons of 4.1 SG barite from the property. The current sale price of barite at the mine gate is US$52/ton. Operations have commenced.
The Company has received a Mine Permit to mine up to 100,000 tons per year barite from its 100% optioned property.
The Company has entered into an agreement with Matovitch Mining Industries Ltd (MMIL) to supply approximately 20,000 tons/year of 4.1 specific gravity (SG) barite from the historic open pit barite deposit. The price to be paid under this agreement is the price of crude barite in the most current USGS commodity pricing report. For reference, the most recent price paid is US$52/ton at the mine gate. The Company estimates there is approximately 30,000 to 50,000 tons of ore stockpiled on the site ready for processing.
A report by M. Eugene Hartley, the chief geologist for CE Minerals at that time are available for viewing in this section on the historic Barite resource.
Barite is often associated with lead/zinc mineralization and the Company also plans on following up the historic reports of possible lead/zinc mineralization on the Flagstaff property.