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November 9, 2009

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New gold strike in Virginia City could be worth billions

Friday, May 28, 1999 | 9:33 a.m.

Hugh Roy Marshall, owner of the Sutro Mine, said the mine could hold gold, silver and platinum worth more than $3.1 billion.

"It is a combination of the ore that makes it valuable," Marshall told KOLO-TV.

"Not only do we have silver and gold, we also have palladium and platinum in commercial amounts in and around the ore zones," he said.

Gold currently is selling for about $278 per ounce while platinum is hovering around $336 per ounce.

A preliminary analysis estimates the 25 million tons of rich earth includes about 10 ounces of silver per ton, 0.4 ounces of gold per ton and 1.8 ounces of platinum per ton, KOLO-TV reported.

Marshall said he anticipates hiring 40 to 50 people when the mine is in full operation.

The payload is about 580 feet below the ground. About 20 to 25 tons of waste will be hauled to the Flowerly mine in Six Mile Canyon.

The original Comstock produced about $400 million of gold and silver from 1859-85. At today's prices, that would be worth about $1 billion.

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