COEUR D'ALENE, Idaho, Nov. 7, 2012 /PRNewswire/ -- Shoshone Silver/Gold Mining Company (OTC-SHSH) (OTCQB-SHSH) announced today that it has acquired 100% of the outstanding shares of Bohica Mining Corp. ("Bohica"), a Colorado corporation with assets in the San Francisco Mining District in Beaver County, UT. The properties owned by Bohica consist of a 50% interest in the past producing Imperial Mine (7 patented claims) and a 100% interest in the 55 unpatented mining claims adjacent to the Mine. In the acquisition transaction, Shoshone issued 6.2 million shares of its common stock for 100% of the Bohica shares.
Shoshone's Chairman, Greg Smith, announced, "We believe this acquisition places us squarely in the path of a major discovery at the southern end of one of America's most prolific mineral belts. We believe that this property gives our shareholders real exposure to significant potential mineralization in an historic mining district."
The Imperial Mine is a nearby neighbor to the famous Horn Silver Mine, which produced over 17 million ounces of high grade silver lead ore in the early part of the 20th century (+50 opt silver and over 20% Pb), with large tonnages of high grade oxide zinc (+14% Zn) left behind. Other properties in the District, including the Cactus Mine, had substantial production of high grade copper, lead, zinc, gold, silver and tungsten.
Mr. John Reynolds, a veteran geophysicist and President of Bohica, concluded, "The skarn mineralization in the Imperial Mine along the contact of the underlying intrusive suggests the potential for a very large mineralized body associated within the intrusive similar to other locations within the Utah mineral belt. All of the indicators, geological, geochemical, and geophysical, are in place on this property to warrant an extensive, focused exploration program for a major discovery."
Past production from the old Imperial Mine was developed through a 1,200 foot adit, with several crosscuts, raises and winzes in a replacement or skarn type copper-silver gold ore body hosted in a limestone bed along a quartz monzonite contact. Historically, copper grades reported ranged from 1.4% to 14.0% Cu, with gold values around .05 opt and silver values around 2.8 opt. According to a 1973 report by G. E. McKelvey, "Imperial Mine mineralization is located at the contact of the southern edge of the Cactus Quartz Monzonite stock of the San Francisco Mountains and a structurally complex sequence of Paleozoic sedimentary rocks."
A Shoshone spokesman said that Shoshone is currently evaluating the best approach to proceeding with the exploration of the San Francisco District.
Shoshone Silver/Gold Mining Company is an exploration stage company based in Coeur d'Alene, Idaho. The Company was founded in 1969, and holds mining properties and mineral claims in Idaho, Montana, Arizona, Washington and Utah.
SOURCE Shoshone Silver/Gold Mining Company