A Canadian mining company says there is definitely gold in north-central Wisconsin.
It may be years, however, before any actual mining can occur at the Reef deposit near Wausau, Wis., the Milwaukee Journal Sentinel reported Tuesday.
Aquila Resources Inc., of Toronto acquired rights last year to the site, 12 miles east of Wausau, where gold was discovered in the 1970s. The company says the latest test results suggest open-pit mining of the site may be possible.
"The results today were fairly strong," Aquila CEO Thomas Quigley was quoted as saying.
Holes drilled by Noranda Exploration in the 1970s suggest the presence of gold that may be worth more than $200 million at current prices, Aquila said.
Aquila has locked up mining leases and exploration agreements on 729 acres, with options to buy.
The company, which has no revenue, has relied on stock sales to finance its exploration activities, the newspaper said.
Since acquiring Reef in March 2011, Aquila has completed 42 diamond drill holes totaling approximately 4,812 yards. The company said it is preparing a third round of exploration drilling for the upcoming winter season.