Gold
In the 1980s, UNOCAL subsidiary Union Energy leased several sections of state and federal land in the southeastern region of Arizona and began prospecting for uranium, primarily in Cochise County and neighboring Pima County. Although the prospects were promising, Union Energy chose not to pursue exploration.
In 2007, Geovic Mining Corporation decided to explore for gold in the same area as the uranium prospects. Exploration will be primarily in the Anderson Canyon area of Pima County, located in the northern Whetstone Mountains, 45 miles southeast of Tucson. In April 2008, additional exploration permits were applied for adjacent to the Gold Hill occurrence and in Mohave County in northwest Arizona, and permission to continue reconnaissance was received in September 2008. During April and May 2008, an additional 52 federal claims were staked by Geovic.
The geologic setting for the Whetstone Mountains, the past history of uranium exploration, and the associated mineralization of potential gold occurrences makes this area a prime target for an economic gold deposit, in our view.
Exploration thus far has included surface geologic mapping, rock chip sampling, and surface soil sampling, focusing on areas of prospective alteration. Lab results and geologic setting from the initial 400 samples and reconnaissance work on State and Federal claims are positive enough for Geovic Energy Corp. to continue investigating the area for economic gold deposits.