Texas-based Battle Mountain Gold (TSE) recently acquired an option to earn a 40% interest in the 7,333-acre property from the partners by spending $1.5 million on exploration over a 3-year period. The option agreement calls for Battle Mountain to spend $300,000 this year, and make expenditures of $450,000 and $750,000 in the second and third years respectively.
After spending $1.5 million to earn a 40% interest, Battle Mountain can earn an additional 1% interest for each $40,000 of expenditures up to a maximum participating interest of 80%.
The property, still at the grass roots stage, covers favorable felsic volcanic and sedimentary rocks along strike from the Tundra gold venture, which is currently being explored by Noranda Inc. (TSE) and Total Energold (TSE).
Work in recent years by Gunnar and Mill City on the Courageous Lake property included VLF-EM and magnetic surveys, IP surveys and a single diamond drill hole.
Gunnar and Mill City are part of the Calgary-based Brown Group of companies with exploration properties in British Columbia, Northwest Territories, Ontario and Nova Scotia.
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