Newmex Minerals acquires Borealis gold-silver property

Calgary-based Newmex Minerals (NMM-V) has acquired an option to earn a 32% interest in the Borealis gold-siler propery in Nevada’s Mineral Cty.

Owned 68% by Nevada-based Golden Phoenix Minerals (GPXM-Q), the property hosts the Borealis mine, which produced about 600,000 oz. gold when it was operated by former owner Echo Bay Mines in the 1980s.

Since taking on the project, Golden Phoenix has delineated measured and indicated resources totalling 20.7 million tons averaging 0.057 oz. gold per ton and 0.26 oz. silver. Of the total 1.2 million equivalent ounces, 781,268 oz. are described as being in the measured category.

Newmex has agreed to pay US$236,600 to acquire the project, either in cash or through a combination of cash and shares.

Newmex Minerals has launced a program aimed at advancing the Borealis property to production. Toward that end, geostatistical studies are under way to determine the existence of additional resources.