Tri-Star Gold, a subsidiary of Tri-Star Holdings, Inc. (TSHL.PK), recently announced that its Arizona operation has shown greater gold deposits than were initially estimated. In recent weeks the mining claim COS1 in Salome, Arizona performed a hard dig that garnered ore with a larger percentage of gold in it than the first day’s samples produced. The company plans to dig up to 15 tons of ore before they refine it. This will ensure that the company has a better estimate of the site’s potential.
“We are happy with the results and the mineral right of ore we are locating. Larry and his crew are working hard at covering the location we began mining, and it is looking better every day. Once we hit the vein we will increase operations and move the equipment needed to get the ore out of the location. It’s not an easy location to get to or to remove the ore to an extraction location, but we are designing plans to equip the area to our needs,” said Anthony Mellone, CEO of Tri-Star.
Precious metals, such as gold, fit the needs of many investors during this time of economic uncertainty. The rush for gold started earlier this year when oil rose to $110 per barrel and the real estate market took a dive with the mortgage fund collapse. Investors turned to gold and drove the price to more than $1000 per ounce. Today’s market shows trading has stabilized down to around $740.
“Gold is attractive in an economic downturn because you can’t default on it and unlike money, you can’t just print more of it. The finite supply at a time increasing demand also pushes the price up further,” stated Mark Dampier, an independent financial advisor at Hargreaves Lansdown.
As gold continues to be considered a “safe harbor” during financially turbulent times, Tri-Star is in the right niche. The latest development at the Arizona facility only solidifies the potential revenue stream the company forecasted earlier this year.
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