June 16, 2009 General Mining Properties Ltd. report that it has not been able to obtain the funds necessary to make payments concerning the option on the Yarnell Gold Mine located in Arizona. As a result of the failure to make the applicable payments, CaNev Resources Corporation and Yarnell Mining Company, Inc. have noted the corporation in default of its obligations under the JV agreement. Pursuant to the terms and conditions of the JV agreement, General Mining now has thirty (30) days to cure such default, after which any interest the corporation has acquired or may acquire pursuant to the JV Agreement will be terminated.
April 30, 2008 Released a technical report. Interpretation and conclusions include:
1. The Yarnell property is in a Pre Cambrian granodiorite.
2. The Yarnell fault is the major structure.
3. The fault and resulting shatter zone created the conduit for mineralized fluids.
4. The mineralization is occurred over several stages of hypogene alteration.
5. Gold grades are the highest in the quartz vein within the Yarnell fault and decrease away from the fault as alteration and quartz vein stockwork decreases.
6. The grades and width of mineralization appear to decrease long strike but are open down dip.
Recommendations are: Exploration on the property should focus on three things. Expanding the known mineralization and bring the historical mineral resource up to today’s standard of NI 43-101. On regional bases, some geophysics should be done to prospect for other surface to near surface zones of mineralization.
In 1987, Norgold of Vancouver, BC, started putting together a land package to completely encompass the Yarnell deposit consisting of patented and unpatented lands.
From the end of the war until 1983 limited work in the form of pillar robbing, slabbing underground, and along with some open-cut mining on the ore body outcrop. Homestake Mining Company optioned the property in 1983 and sampled the U/G and evaluated the property. The results of Homestakes work must not have been encouraging
as they let their option go soon after.
The Yarnell deposit was discovered in the late 1800’s by Harrison Yarnell. By 1914 publications reported that underground development was 160 feet below surface with 200,000 tons of mineralization grading 0.29 opt had been defined. The majority of the 200,000 estimated tons mined from the property was by Winslow Mining Company from 1939 to 1942. In 1942 the War Production Board shut down most of the gold mines in the
US including the Yarnell mine. After the war, inflation, low gold price, and high start up costs prevented most mines from reopening.