Fernley Gold Inc., a subsidiary of Pacific Gold Corp., entered into a lease agreement in 2004 for the right to mine 36 claims covering 640 acres of the Lower Olinghouse Placers. The claims are known as Butcher Boy and Teddy, and are located approximately 34 miles east of Reno, Nevada just off Interstate 80.
The Butcher Boy and Teddy Claims contain an estimated 445,000 ounces of gold contained in at least 30,000,000 cubic yards of alluvial gravels. The average grade is 0.4 grams per cubic yard, and future work on the claims will seek to further define the size and grade of the deposit.
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This leased property is located in a rich mining area with extensive historical data available, including test and sampling results. The lease offers the exclusive right to mine for placer and lode gold, as well as other minerals and metals.
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