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4210 . important mineral deposit is found and economics permit its development. It may also be possible to process the tunnel muck disposal areas on the chance that something valuable may be discovered. Twin Lake. Clear Creek. Mt. Elbert Forebav Area - The Mt. Elbert Forebay. Twin Lakes, Clear Creek Area is in an area of glacial moraine and the Dry Union formation. Placer gold is present in these two geologic units but in such minute quantities as to be economically unretrievable. Proof of this lies in the hundreds of samples from many types of test holes. taken from these three areas during preconstruction subsurface investigations. Detailed megascopic logs of all the samples have revealed no gold or other preciOUS metals. (Shirley. 1971; Tuttle, 1975 [in preparation]; Bureau of Reclamation, 1969) Granite bedrock is estimated to be at .a depth of at least 1,000 feet and could be as much as 3,000 feet below the forebay site. The depth of the unconsolidated sediments above the bedrock precludes the development of base and precious metal deposits. Also the fact that the area lies out of the Paleozoic sediments, makes the chances of finding any valuable minerals in the granite almost nil. Placer mining for gold and possibly other heavy metals has taken place in the general vicinity of the forebay site. Two operations were halted several years ago when they became economically infeasible. Both were marginal operations at best. Most of this activity took place on Box Creek, lying to the north of the Me. Elbe~t Forebav site, and some occurred on Lake Creek below the existing Twin Lakes Dam. The r~c~utly P~S$ed law which once again allows U.S. citizens to own gold and sell it on the world market may allow for reactivating these two placer mines, provided sufficient capital can be raised. Even with reactivation, Mt. Elbert Forebay will not conflict with any future operations on these two sites because of its geographic and geologic location in relation to the two placer mines. .1 Several placer claims exist in the area of the Twin Lakes and forebay reservoir sites. One claim was declared null and void in 1974 because no valuable mineral deposit was discovered within the limits of the claim. During the hearings on the above case it was admitted that "spot" samples resulted in low assay values (less than 0.05 milligram). It was maintained, however, that a man of ordinary prudence would not be justified in the expenditure of time and money with a reasonable prospect III-23 .