By Jill McLaughlin
Results from drilling deep, unexplored veins at the historic McCabe Mine in Arizona indicate the once-abandoned site could again produce high-quality gold, Arizona Eagle Mining Corp. said on May 6.
“These initial results are an excellent start to the … drill program, validating our belief that significant high-grade gold and silver mineralization remains above and beyond the historic resource,” said Kevin Reid, chief executive officer of Arizona Eagle.
Reid said the company was excited about the potential they were unlocking in the project.
The 130-year-old mine in Yavapai County is about 60 miles south of Sedona. Located in the once-thriving mining town of McCabe, Arizona, it yielded about $200,000 in gold in 1893. Frank McCabe opened the mine in 1883 after trading a horse for the claim, according to the Sharlot Hall Museum Research Center.
McCabe sold his interests for $40,000 before the turn of the century, and the mine went through several changes in ownership. By 1901, it was worth at least $1 million before mining activity in the area dwindled.
The mine was ramped back up in the early 1990s under Magma Copper before it was closed in 1993 so the company could focus on copper production.
The mine stayed dormant until Arizona Eagle Mining purchased it last year, joining the modern-day gold rush as record-high prices soared for the precious commodity.
The new owners found that very little drilling has been done below about 1,300 feet, where multiple parallel veins exist.
Crews have collected numerous high-grade samples of gold, copper, silver, and zinc in these unexplored veins, the company said.
The company drilled three holes in the first phase. Two of the holes went beyond where historic mining stopped. The results showed high-grade gold in two of the holes.
“These positive intercepts are very encouraging as they confirm that the McCabe gold-silver zone continues well beyond the historic mining limit and remains open to the northeast – presenting excellent potential for further expansion,” Reid said.
Arizona Eagle Mining has started its second phase of drilling.
“This is an exciting time for the company and its shareholders as we work to unlock the full potential of this promising gold-silver project in one of Arizona’s most prolific historic districts,” Reid said.
The McCabe Mine is on 348 acres of private land. Stan West Mining historically invested more than $35 million to drill and develop the mine in the 1980s, which would be about $110 million in today’s dollars, according to Arizona Eagle Mining.
Over the past two years, Arizona Eagle Mining has expanded its land position to more than 4,000 acres around the mine. The company started its first phase of drilling this year to explore veins around the historic mine resource, where past miners found gold and silver.
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