International Pursuit (ipj-t) has signed an agreement-in-principle to acquire interests in two Nevada gold properties of White Knight Resources (wkr-v).
White Knight, which holds properties in Nevada’s Carlin, Battle Mountain, Independence and Getchell gold trends, will grant Pursuit an option to acquire a 50% interest in each of the Tonka and Woodruff by spending US$1.5 million per property.
The 3,840-acre Tonka property lies on the Carlin trend, between the Gold Quarry and Rain mines of Newmont Mining (nem-n). The 640-acre Woodruff property is contiguous with the Rain. Both Tonka and Woodruff have been advanced to the drilling stage.
The Tonka property features a coincident gold and arsenic geochemical anomaly, within which a narrow, altered intrusive dyke has returned high gold values.
The Woodruff property, which exhibits a strong arsenic, mercury and antimony geochemical anomaly, lies within a fault structure adjacent to the one that hosts the Rain mine.
Initially, Pursuit must spend US$300,000 per property on drilling programs.
Drilling on the Woodruff property is anticipated to start within the next three months, whereas drilling at the Tonka property will begin late this year or in early 1998.
The deal is still subject to regulatory approval.
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