A recently signed letter of intent gives Goldstack Resources (VSE) the right to acquire up to a 100% interest in the lease covering the Bru-Lovie property from Sierra Gold.
The Nevada property is in the Crescent Valley to the north of the Robertson property held by Coral Gold (VSE) and under option by Amax Gold (NYSE). The Crescent Valley has received considerable attention of late following the announcement of a huge gold discovery by Placer Dome (TSE) to the south of the Robertson ground.
Placer’s Pipeline discovery is estimated to contain in the order of 4.6 million oz. gold.
Goldstack’s deal with Sierra includes a cash payment of $17,500, and 75,000 shares to earn a 55% interest. Property expenditures of $25,000 plus a further payment of 25,000 shares will give the company a 65% interest, increasing to 75% with another $25,000 in property expenditures and finally to 100% by paying out 100,000 shares.
Goldstack plans to drill test the Gold Quartz fault, one of the major structures running through the property.
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