History of the Langtry Silver Deposit
The Mining District known as Calico in which the project is located, was once famous for its high grade silver mines. Between 13 and 20 million ounces of silver were produced from vein mining in the Calico District during the period from 1882 and 1896. Few production or exploration efforts were made in the district again until the late 1950’s. At that time the price of barite, an industrial mineral primarily used in the oil drilling industry, rose substantially. In the 1960s, Asarco and Superior Oil Company revealed an aerially extensive, near surface zone of disseminated silver-barite mineralization.
Superior Oil Company, Minerals Division successfully explored the Langtry area and discovered a large disseminated silver deposit. In 1984, Mobil Corporation acquired Superior Oil Company for $5.7 billion. In 1986, Mobil sold the Langtry group of patented and unpatened claims to Buttes Gas and Oil, Inc. which was also a NYSE listed company. Mobil still retains a royalty interest in the patented claims.
A mineable reserve of silver ore was calculated by Superior Oil for the Langtry patented claims and was reported as 22 million tons of drill proven ore that grades 2.37 ounces/ton silver and 7.9% barite per ton. The open pit mineable resource was calculated to have a 3.3:1 waste to ore ratio at 1.3 opt silver mine cutoff grade. This historic resource was based on over 200 rotary drill holes.
Although at the present time a fully defined open pit mine plan with a measured reserve has not yet been calculated for the project, a mineable, drill measured historic resource of silver has been defined. It is reasonable to expect that following additional data gathering a detailed feasibility study for the mining project could be produced.