All-North acquires Buckskin claims

A letter of intent sets the stage for International All-North Resources (IAN-V) to acquire an option to purchase the Buckskin claim group in Mineral Cty., Nev.

The 42-claim block lies 1.5 miles west of the Rawhide gold mine, from which Kennecott produces 117,000 oz. gold annually.

The terms call for a payment of US$25,000 upon signing of a formal agreement, as well as US$15,000 per year (escalating to US$25,000 in year three) and 200,000 common shares. A 4% net smelter return royalty remains in place and can be purchased for US$1 million.

Previous sampling identified a 3,500-ft.-long-by-1,500-ft.-wide gold anomaly in the southern part of the claim group, not far from the leach pads at Rawhide. All-North is reviewing data related to the property before starting a ground geophysics survey to outline drill targets. At least 3,000 ft. of reverse-circulation drilling will test the gold anomaly.