An Australian gold producer has joined with
To earn a 40% interest, Ranger Minerals (listed on the Australian Stock Exchange) must spend US$1 million on exploration over two years. Franc-Or, which must spend an equal amount on exploration, would be left with 40%, and Cordilleran Exploration, with 20%, carried through to production.
The properties, known as Redlich, Moonlight, Atlanta, Fitting and Cold Springs, are spread across the state and collectively consist of 384 claims. All were staked on the basis of regional geophysical and geochemical surveys and, together, cover a variety of geological settings and mineralizing environments.
Geologic mapping and sampling are under way, with drilling expected to follow.
In Ghana, Ranger owns and operates the Damang gold mine, which entered production in late 1997. Output for the current fiscal year is expected to reach 330,000 oz., and life-of-mine cash costs are projected at less than US$200 per oz. Reserves, based on a long-term gold price of US$330 per oz., are estimated at 33.8 million tonnes grading 2 grams per tonne.
Be the first to comment on "Aussie producer eyes Nevada"