Barrick takes kick at Miranda’s Horse Mountain

Vancouver — Nevada-focused Miranda Gold (MAD-V) is optioning its Horse Mountain project in Lander Cty., Nev., to Barrick Gold (ABX-T).

The letter of intent has Barrick earning a 60% interest by spending $2 million in exploration over four years. An additional 10% can be acquired by funding an additional $6 million in exploration over 6 years. Five per cent more, for a combined 75% interest, can be earned by arranging Miranda Gold’s share of project financing upon completion of a positive feasibility study.

The Horse Mountain project is situated about 16 km west-northwest of the Pipeline mine complex in the northern Cortez trend, jointly owned by Placer Dome (PDG-T) and Rio Tinto (RTP-N).

The target at Horse Mountain is a high-grade Pipeline-Cortez Hills model where inferred mineralized faults extend through lower plate Silurian Roberts Mountain formation rocks within a large oxidized alteration cell. Previous drilling at the project showed indications of a significant alteration cell, about 1,800 metres by 600 metres, within lower plate rocks at depth.

Initial drilling is expected to offset and extend prior holes that ended in gold mineralization and alteration.

With its 21.5 million shares outstanding, Miranda Gold has a market capitalization of $14 million and trades in a 52-week range of 16 to $1.00 per share.