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About Steele Resources Corporation (OTCBB: SELR)
Steele Resources Corporation is a Nevada precious metals exploration and development company operated by professionals with extensive exploration, mining, and public market experience. The Company is working to become an active gold producer through exploration, acquisitions, mergers, and by developing its existing portfolio of properties. Its current ensemble of exploration properties includes 600 acres in the historic Comstock District, 2,300 acres near the Denton-Rawhide Mine, and its pending acquisition of rights to 145 acres adjacent to Newmont's Phoenix-Fortitude Mine.
October 11 - Steele Resources Corporation Enters LOI to Acquire Mineral Rights on Filipinni and Plumas Projects
Steele Resources Corporation (the "Company") (OTC.BB: SELR - News) announced today that its subsidiary, Steele Resources, Inc. has entered into an LOI with America's Gold Exploration, Inc. to acquire rights to the Filipinni and Plumas Gold Exploration projects, located in immediate proximity to Newmont's Phoenix-Fortitude Gold Mine. The projects have extensive historic sampling and drilling on them and will be a key part of the Company's portfolio of exploration properties.
According to historic assay data acquired with the Plumas project, the property was mined in the early 1900s for high grade gold located near surface. Recent preliminary testing of visible breccia outcrop revealed gold values as high as 1.2 ounces per ton. Due to the magnetic anomaly beneath the property, and its proximity to a well established gold ore reserve, the Company will be aggressively testing the property for the full extent of potential gold mineralization.
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