Victoria adds property

Vancouver-based Victoria Resource (VIT-V) has added another gold property to its Nevada land package.

In the northern portion of the state, the company has the right to earn 100% of the North Carlin property, which covers 69 claims in Elko Cty., five miles northeast of Barrick Gold‘s (ABX-T) Meikle mine.

The weakly altered siliceous rocks at North Carlin are believed to represent leakages from mineralization in lower-plate rocks similar to those farther south on the Carlin trend. The depth to the lower-plate rocks on the property is estimated to be 300 metres.

Under an agreement with privately held Nevada Gold Exploration, Victoria must pay the 1999 claim filing fees, assume claim maintenance fees, spend $200,000 on exploration over four years and issue 200,000 shares over four years. At production, Nevada Gold will retain a 2% net smelter royalty, of which Victoria may buy 1% at the time of production for $1 million.

Bema Gold (BGO-T) owns 53% of Victoria and manages its affairs.