The Penhorwood Mine was originally discovered by two mining firms who became interested in prospecting this site. So nevertheless, company officials had no choice but to stake a promising claim that look encouraging enough to start a whole exploration stage. By 1947, the Pen Star and Pen-More Syndicate became the new owners of what was to become the Penhorwood Mine. Almost all explorations had started when the company was on a whole new mission in finding the rich sulphide deposit zones it needed. Most of this method had included the common exploration procedures of Geophysical and geological work. No further work was commenced by the company when it had decided to suspend all exploratory phases on the future Penhorwood Claim after it did not discover any promising sulphide deposit zones it needed.
All development and production would end up ceasing for the next two years when another prospector by the name of J.C Bromley had decided to stake this claim. He immediately had commence his own prospecting stage which would lead to a major asbestos discovery zone in 1950. With no interests in Asbestos, the prospector decided to sell this claim to John Manville who acquired all the rights to this property in 1951. Soon enough the prospector became recognized as the sole owner of this property for the next 25 years and commence rapid exploration stages. Some of these stages had included the average methods of geological mapping, magnetic and electromagnetic surveys, and diamond drilling phase on the Pen Gold North Portion. Most of this area was said to have covered another mining zone which became identified as the Reeves Talc Mine.
With no hesitation the prospector started on a whole new development phase that was aimed towards building a massive floatation plant. John Manville himself was fully operating this massive structure by 1974 and had ran this operation till 1976, when the plant had experienced uncontrollable dust levels that made this mine cease operation. Soon enough the prospector had decided to sell this mining claim off and the property was later purchased by Steetley Plc and all mining operations became resumed in 1978 through to 1988, which the mine was later taken over by Luzenac Inc, in general this mining company was rather known as a indirect subsidiary of Rio Tinto Plc, who aquried this mine a part of its North American Expansion Strategy.
Another major discovery was said to have been made by the former company when a massive drilling phase had encountered gold in 1998. Company officials were said to have mistakenly discovered this gold bearing zone from a drilling phase which was aimed to determine where the Penhorwood Talc Mine would be started. However nothing was commenced on this location as Rio Tinto had other plans in extracting Talc from this general area. It wasn't until 2001, when the Rio Tinto Management Team had decided to over look this gold discovery zone. In addition the gold pricing back then was said to have been in between $273 to $313 US, but soon had rose to a high of $833 Us at the end of 2007, when the merge between Luzenac Operations and Borax American to form a global industrial mineral company known as Rio Tinto Minerals, In 2008, company officials had started on a whole new exploration stage when a seven hole drill program was aimed at testing the northerly extension. These results soon had indicated a promising discovery zone that was graded 22.1 Au over 0.30 m, 9.96 gpt Au over 2.0 m. and 13.2 gpt Au over 0.30 m. Rio Tinto has further staked another potential 4,760 ha of land that's was still waiting to be examined.
A contract and some mining rights were soon given to another firm who was identified as the Rapier Gold Inc. The company is undergoing a massive diamond drilling and exploration program on four gold bearing zones. In addition these zones are determined as the Porphyry Hill area which has already received 2 diamond drill holes that are aimed at grab and channel sampling evaluations. Another area that's undergoing extensive drilling is commonly referred as the Talc Mine Area. Company officials from the Rapier Gold Inc had additionally drilled 8 diamond drill holes in order to test the gold mineralization that was first discovered in the IMERYS Talc Mine location. Company officials had also commenced another drilling program that was aimed on the Midway Area. One hole was said to have been planned and tested within this area and had also uncovered a rich gold bearing deposit that need more drilling to determine its actual size. The last of these drilling phases were commonly said to have been aimed towards the Westgate area as the company had intersected quartz carbonate veining, sulphides, and black tourmaline from two diamond drill holes. Its also said that further explorations need to be conducted within this area to see if this geological structure holds any potential gold discovery zones. The Pen Gold North location was said to have been fully acquired from Rio Tinto Plc, and provides the company with all the mineral rights to non talc materials within the property. Its also said that the company has another lease agreement with IMERY for some other potential prospecting zones that aren't located to far from the Penhorwood Talc Mine. Another location known as the Pen Gold South Prospect is commonly under option agreement with Rogue Iron Corp and its said to be up for purchase if explorations are met with the company's standards.