Vancouver-based Norgold Resources (VSE) and a U.S. subsidiary of Toronto-based LAC Minerals (TSE) have formed an exploration joint venture on two gold properties near the Rosebud discovery in Nevada. The joint venture includes a claim block owned by LAC and a second claim group held by Norgold. Both properties are about 60 miles north of Lovelock, Nev., and are adjacent to the Rosebud gold property which is being explored by LAC and Equinox Resources (TSE).
According to Norgold, a 3-stage exploration program operated by LAC is proposed for the claims. The first phase, budgeted at $100,000, will be funded equally by LAC and Norgold and will consist of geological mapping, geochemical sampling and a drill program. The work will be conducted in conjunction with LAC’s ongoing exploration at Rosebud, where the potential for a sizable gold deposit is shaping up.
At the completion of phase one, the senior company has the option to proceed to a second stage and then on to a final feasibility study. Upon completion of a final feasibility study, Norgold will have the option of participating with LAC on a 50% basis in the development of a mine on the joint venture property, or accepting a reduced carried interest.
Norgold says the exploration program under way should be completed in about six months, and results will be released as soon as they are available.
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