|Moderated By: roulette -- (Not Moderated) -- Started: 5/19/1998 12:28:00 PM Revision History|
After incorporating in Montana in 1980 and a name change in 1987 to the O.T. Mining Corporation, a "Jewel" was born. The O.T. Mining Corporation (O.T.) was formed from Ruby Resources Ltd., a wholly owned U.S. subsidiary of a public Canadian Corporation. The O.T.'s Ruby Mine is located on Montana's Boulder Batholith between the world famous Berkeley Pit, once called "the richest hill on earth", which has produced over 550,000,000 tons of ore* since the 1860's and is 14 miles to the south of the Ruby and the Montana Tunnels Mine which has produced over 300,000,000 tons of lead, zinc, silver and gold ore since the 1860's and is 16 miles to the northeast. The Ruby has the same geophysical signature and is located on the same geological formation as the Pit and Tunnels mines. Additionally, the Ruby Mine is a proven very high grade "Bonanza Ore Shoot" gold and silver producer (1885 to 1912).
A technical report prepared by the respected minerals consulting firm of Behre Dolbear & Company Ltd., dated April 11, 1997, estimates the Ruby Mine "to have superior exploration potential. As an established gold and silver producer, the Ruby has identified gold and silver exploration targets. A base metals vein was encountered when exploration operations were renewed briefly in the mid 1960's. This vein is an exploration target. Finally, evidence suggests the presence of a large intrusive body at depth which comprises a prophyry copper target. The property presents diverse exploration targets, comprising gold, silver and base metals".
From 1885 to 1912 The Ruby Mine was a low tonnage high grade gold and silver producer. Smelter returns show ore grades ran as high as 8.2 ounces of gold and 411 ounces of silver per ton averaging a net smelter return of 2.44 ounces of gold and 38.66 ounces of silver per ton. The ore shoot (4 shoots) mining ceased at an average of 300 feet in depth due to the methods of the day. The miners then began an adit crosscut to intersect the ore shoots at the 600 foot level to continue mining. They ran out of money in 1917. In 1966 a $1,000,000 work program extended the crosscut to 3,100 feet into The Ruby Mountain missing the target by some 200 feet. The crosscut intersected a lead, zinc ore body which was bulk sampled. 193 tons of ore were processed at Anaconda's mill and smelter facility returning a net 1.31% copper, 5.19% zinc, 7.60% lead and 4.3 ounces of silver per ton.
In 1976 a major mining company conducted an intensive geologic and economic geology study of the Ruby that indicated as much as 600,000 tons of gold and silver ore remain in the proven and unproven bonanza ore shoots. The company further concluded that the Ruby Mine is a potential porphyry copper mine large enough to justify a 20,000 ton per day mill.
Over the years the O.T. has been approached by major mining companies to acquire the property, however, it is the O.T.'s mission to thoroughly drill the Ruby to identify what the company believes to be an extremely large economically viable mineral resource and then sell it to one of the over 10 majors who have expressed interest.
Exclusive of the Ruby's Bonanza ore shoot and heap leach gold potential if the Ruby's porphyry copper deposit potential were to yield 100,000,000 tons of ore (average porphyry copper deposit size is 300,000,000 tons) at the grades of the 190 ton bulk sample it would produce 2.4 billion pounds of copper, 9.8 billion pounds of zinc, 15 billion pounds of lead and 260,000 ounces of silver.
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