Gold Mine for Sale - Mount Vernon Mine
One of the fully permitted high-grade California gold mines located near one of the richest districts of the Mother Lode.
The Mt. Vernon Mine is one of the fully permitted high-grade California gold mines located near Downieville, California in one of the richest districts of the California Mother Lode. The property is 120 acres, consisting of six unpatented 20 acre claims. It can be accessed via a county maintained road approximately seven months out of the year without snow removal.
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The mineral deposit consists of an ancient underground gravel deposit with both primary pre-volcanic and secondary lava capped tertiary river channels, and lode gold deposits in the shoo-fly structure, as well as high grade gold bearing quartz veins.
The claim block is located adjacent to the Ruby mine, famous for its large coarse nuggets (see photo). A number of large nuggets have been found at the Mt. Vernon, including one weighing in at over 90 oz. Drill results from the 1990’s indicate a lode zone which assayed at .111oz/ton for 15’ wide. Further testing discovered an unknown channel approximately 20’ deep which assayed at .05oz/ton. This property is on the East edge of the Melones Fault Zone (California Mother Lode) and on trend with some of the richest mines in California. It contains at least three gravel channels and several lode deposits, which all carry gold. It was determined while working underground in the Lawry shaft at the Ruby that the larger coarse gold was coming from upstream at the location of the Mt. Vernon.
Results from one 1450’ drill hole completed by Kennecott in 1990 show a sample grade of .051 opt in the gravels and .111 opt in the lode deposit. Based on these results, the Kennecott geologists estimated that the property contains between 150,000 - 200,000 oz of lode gold ($260MM at $1300/oz.), with no value given to the placer.
The property has an existing approved Plan of Operations. This operating permit will be updated to allow for expanded work in 2014 by a new operator. No rehab work is anticipated, and production could commence as early as the spring of 2014. Lazarus has signed a LOI with Northbay Resources Inc., the owner of the Ruby mine to utilize its mill on the adjacent property. This property is expected to generate almost immediate positive cash flow upon commencement of operations.