Santa Fe Gold Corp. said March 8 that an independent study defined a value of US$839 million for the Alhambra property, one of the historical mines in New Mexico it recently acquired.
The company acquired Bullard's Peak Corp. and Black Hawk Consolidated Mines Co. and related properties in the Black Hawk and Bullard's Peak districts for US$3 million in September 2017.
A study on the Alhambra property outlined low-grade ore containing metal valued at US$158 million and high-grade ore containing metal valued at US$681 million, for a total of US$839 million.
Santa Fe Gold noted that the study did not include additional potential from other deposits within the 10 square miles of acquired land.
The company also reported the receipt of a general mining permit for the Black Hawk mine.
