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WAUSAU, WINCOSIN (Scrap Monster): Toronto based mining company Aqulia resources reported that there is significant amount of gold present at Reef deposit near Wausau in north-central Wisconsin.

The company says that holes drilled by Noranda Exploration in the 1970s in the mine suggest the presence of gold that may be worth more than $200 million at current prices.

The company says the latest test results suggest open-pit mining of the site may be possible.

Aquila has already locked up mining leases and exploration agreements on 729 acres, with options to buy.

Aquila has completed 42 diamond drill holes totaling approximately 4,812 yards, since acquiring Reef in March 2011.