An agreement with Mirandor Exploration (MIG-M) sets the stage for Kinross Gold (K-T) to earn a 50% interest in the Railroad gold project in Nevada’s Carlin trend.
To earn the interest from Mirandor, Kinross must spend US$7 million over four years. It can earn an additional 10% stake by spending US$5 million on a positive feasibility study. At this point, the partners jointly will seek financing to place the project into production.
Mirandor President James Speros says he welcomes Kinoss as a partner at Railroad. “Their committment to exploration and development excellence will allow both companies to grow and develop as we prove up the potential of the Carlin trend property.”
The Railroad project consists of more than 600 patented and unpatented claims, as well as about 15 sq. miles of private land adjacent to several nearby mines.
The Railroad project contains 15 past producers within a Carlin window of lower plate sedimentary rocks outcropping along an anticline structure.
Mirandor previously drilled several targets on the property earlier this year. This work resulted in three new gold discoveries, while expanding the potential of known showings.
Results from this work include: 20 ft. of 0.44 oz. gold per ton plus 3% copper and 0.55% zinc; 45 ft. of 0.16 oz. gold plus 0.76% copper and 0.15% zinc; 335 ft. of 0.023 oz. gold; 15 ft. of 0.1 oz. gold and 55 ft. of 0.1 oz. gold.
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