Tuffnell Ltd. released an update on its exploration program at its mining property in Arizona, which the company believes is prospective for gold and copper.
Tuffnell Ltd. has an option on 1,560 acres at the Little Butte project located approximately twenty miles north of Quartzite, Arizona. The company’s claims at the property include seventy three unpatented and five patented mining claims. The Little Butte property lies within the Walker Lane Gold belt, which is an established trend that has produced more than 450 million ounces of gold and silver since it was discovered.
Tuffnell Ltd. is engaged in phase two of its exploration program at the property which consists of digging four trenches to establish whether the site has the potential to produce minerals in commercial quantities.
Tuffnell Ltd. reported that the exploration program found a shearing zone that contains gold and copper bearing specularite veins. The company said that the minerals were present in two of the four trenches dug on the property.
In December 2010, Tuffnell Ltd. accessed the capital markets to raise funds to continue its exploration program. The company secured $100,000 in financing through the sale of equity and warrants in a private placement to a group of institutional investors.
For more information on the company, go to www.tuffex.com