Although GNCC Capital, holder of a number of mining properties in Arizona, has a stated focus on gold, the company is also actively engaged in possible silver finds.
One of the company’s key silver properties is the Kit Carson Silver Project, made up of approximately 411 acres in central Arizona. It includes 24 unpatented lode mining claims, plus a 50% undivided interest in the mineral rights to the Lady Alde patented lode mining claim. The unpatented mining claims are located on land administered by the US Bureau of Land Management. The project is in the Big Bug Mining District, and three of the company’s mines at this property have been mined in the past for precious and base metals: Lookout, Kit Carson and Lady Alde.
The Lookout Silver Mine was operated as recently as 1979, but has only been worked to a depth of 200 feet. GNCC intends to begin exploration by surface geochemical sampling along the three main vein systems, with any anomalies encountered considered as potential drill targets.
The Kit Carson Silver Project is located between two major past producing mines. Adjoining the northeast end of the project area is the Iron King Mine, which produced gold, silver, lead, and zinc for a Phelps Dodge predecessor until the late 1960’s. Adjoining the Kit Carson Silver Project is the Gladstone – McCabe Gold Mine, which was last operated by Magma (later BHP) in the 1980’s. A major part of the GNCC rationale for acquiring Kit Carson Silver was the prospect that the rich gold and silver deposits at Iron King and Gladstone-McCabe continue into the company’s property, which was only mined to shallow depths.
Iron King produced, during the period from 1907 until 1964, a total of 616,493 ounces of gold, 18,494,491 ounces of silver, 125,375 tons of lead, 367,569 tons of zinc, and 9,551 tons of copper. This would amount to $2.6 Billion of production at January 2011 commodity price levels.
For more information, visit www.GNCC-Capital.com
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