Newmont targets RDN for grassroots work

Newmont Exploration of Canada, a wholly owned subsidiary of Newmont Mining (NEM-N), is exploring the RDN property in northwestern British Columbia for gold-silver mineralization.

The major can earn an initial 51% stake in the property from Rimfire Minerals (rfm-v) by spending $3.5 million on exploration and paying $140,000 in cash over four years. It can earn a further 24% by completing a feasibility study and paying Rimfire an additional $450,000.

The 21-km-long RDN property is underlain by early-to-middle Jurassic stratigraphy similar in age, lithology and alteration to that which hosts the Eskay Creek gold-silver mine, 40 km to the south-southeast.

The current program consists of prospecting, mapping, geochemical soil sampling and geophysical surveys. The RDN property marks Newmont’s return to B.C. after an 11-year absence.