RENO, NV--(Marketwire - Oct 11, 2012) - Itronics Inc. (
Based on geological mapping, geochemical sampling, and two types of geophysical measurements, aeromagnetics and induced polarization surveys, Whitney & Whitney, Inc. believes that the Fulstone Project area to the north and west of the Minnesota Mine may host extensions of the mineral deposits exposed at the Minnesota Mine. While there are no measured resources in the Fulstone Project area, Whitney & Whitney, Inc. believes that based on the size of the deposits that have been discovered in the Yerington District, and based on the size of large geophysical and geochemical anomalies in the Fulstone Project area, there is potential for one or more deposits aggregating up to 500 million tons.
The Fulstone Project is about 90 miles southeast of Reno, Nevada in the Yerington Mining District. The community of Yerington, Nevada, is located in the south central portion of the district. The project area encompasses 6,060 acres, approximately 9.5 square miles adjacent to the Minnesota Mine in the northwest part of the Yerington Mining District (this western area in the Buckskin Range was historically called the Buckskin District). The Fulstone Project claims are on the west, north, and east sides of the formerly operating Minnesota Mine.
According to Nevada Bureau of Mines and Geology Bulletin 53, the Minnesota Mine was originally worked as a copper mine beginning before 1908. Several thousand feet of drifts and crosscuts were driven and a 200 foot vertical shaft was sunk during early operations as a copper mine. Copper ore was shipped, mostly during World War I. During World War II development of iron ore was attempted and, according to records of the Nevada State Mine Inspector of Mines, 1,500 tons of ore for use as high-density aggregate in concrete for ship ballast was mined and shipped from 1943 to 1945.
The United States Geological Survey in Open-File Report 96-9 classifies the Minnesota Mine deposit as the only iron skarn in the Yerington District that has seen production. The Minnesota Mine operated between 1944 and 1966 and is reported to have produced between 4 million and 6.5 million tons of iron ore grading 54 percent iron. The major iron skarn deposits in the Yerington District occur at Pumpkin Hollow and are only now being prepared for polymetallic production consisting of copper, iron, gold, silver and molybdenum. There are 6 discrete deposits at Pumpkin Hollow which collectively aggregate almost one billion tons of drill measured resource. There are no measured resources in the Minnesota Mine area which to date has not been explored by drilling.
The Yerington Mining District was one of the first copper mining districts in Nevada, with copper development and production being initiated in the 1800s. Today the Yerington Mining District is a world class district that hosts a cluster of very large undeveloped copper deposits that contain iron, gold, molybdenum, and silver. There are three deposits within the district that are "elephant" size, with combined reserves and resources that exceed 2.5 billion tons and that contain more than 12 million tons of metallic copper. One of these deposits (Pumpkin Hollow) is an IOCG (Iron Oxide Copper Gold) deposit and the other two, (Bear and Ann Mason) are porphyry copper deposits.
"We continue to believe that the Yerington Mining District is one of the few locations in the world that hosts a cluster of such large undeveloped copper deposits," said Dr. John Whitney, Itronics President. "With diminishing available undeveloped mineral deposits globally, the Yerington Mining District is rapidly becoming more attractive for world class mine development."
Whitney & Whitney, Inc. believes the Fulstone Project has potential as a large scale IOCG exploration target. The deposit model being used for guidance as to potential mineralization is the Pumpkin Hollow IOCG Project with 2009 NI 43-101 compliant measured, indicated and inferred resources of 929 million tons containing 4.65 million tons of copper, 1.45 million ounces of gold, 55 million ounces of silver, 48 million pounds of molybdenum and 183 million tons of iron in six deposits.
Whitney & Whitney identified the Fulstone project for Auric, and agreed to help Auric acquire the highly prospective mineral property. Whitney & Whitney, Inc. owns 67 percent of Auric which was formed to acquire multi-mineral (polymetallic) gold properties, and to strategically invest in Junior Gold and Minerals Companies that provide the opportunity to develop and commercialize environmentally friendly polymetallic gold projects.
About Itronics
Headquartered in Reno, Nevada, Itronics Inc. produces GOLD'n GRO liquid fertilizers and silver bullion. Itronics, through its subsidiary Whitney & Whitney, Inc., is developing environmentally compatible mining technology and is now providing project planning and technical services to its mining affiliate Auric Gold & Minerals, Inc. It also operates the popular InsideMetals.com web site, http://www.insidemetals.com which provides a value-added WORLD VIEW of Gold Producer Stocks, Mineral Producer Stocks, Junior Gold Stocks, and Junior Mineral Stocks.
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