Ranger Gold Corp., a US-based resource exploration company exploring for gold in proven gold regions of Nevada, announced today that it has approved a drilling budget to move forward with their CX Property in Nevada’s Nye County. The CX property consists of 72 unpatented mineral claims and covers six epithermal gold-silver targets within a caldera margin that hosts at least two other major gold-silver mines with combined production and reserves of several million ounces.
If Ranger makes the property option payments and spends specific amounts on exploration of the property, they can claim 100% undivided interest in the property. Gary Basrai, President of Ranger Corporation, stated: “We believe the potential for the CX Property is significant, and we plan to carry out exploration with a goal to advance our 100%-owned project in a timely manner.”
A week earlier, on March 29th, Ranger announced that they had increased their Nevada land holdings by more than 40% when they acquired the Truman property, which consists of 52 unpatented mineral claims and covers eight epithermal gold-silver targets. The Truman property has been explored greatly in the past and has been defined to contain both high and low-grade gold and silver in veins and minable configurations.
RNGC, a lower float stock, has approximately 50 million shares outstanding and approximately 25 million shares in the float. It closed yesterday, April 5, 2010 at $1.30 (up 18.18%) with 1,998,562 shares traded.