Spartan Gold, www.spartangoldltd.com – the aggressive junior gold developer focused on Alabama and Nevada, reported execution yesterday of an option and mining claim acquisition agreement with Mexivada Mining Corporation for a premium, 1,140-acre site in Nevada called the Ziggurat gold property.
Main features of the property include:
• Located within the prolific Round Mountain-Northumberland Mining area in the northern part of Nevada’s Nye County
• National Instrument (NI) 43-101 technical report indicates Carlin-type mineralization (finely dispersed gold with some silver)
• NI 43-101 report also indicates geophysical/geological characteristics similar to other major mines in the area like the massive Round Mountain (15M+ oz Au) and Gold Hill operated by Kinross-Barrick, and Fronteer Gold’s Northumberland (3M+ oz Au) gold mine
• 57 unpatented lode mining claims (1.14k acres)
The agreement (full term disclosure in the filed Form 8K) allows SPAG and its joint venture partner, Canada-based mining investment firm Sphere Resources, Inc., to share a 70% interest in the property equally and calls for:
• First stage exploration financing to be handled by SPAG
• Subsequent feasibility study to be handled by Sphere
Analysis indicates abundant potential for an open-pit operation focused on the Carlin-type mineralization and the Company is looking to identify a Multi-Million Ounce resource via a planned, two-phase exploration program consisting of drilling and further technical analysis.
Chairman and CEO of SPAG, Malcolm Stevens, emphasized proximity to other major gold production operations and the similarities in underlying geologic makeup, calling the acquisition a huge boon for the Company as it can expand its Nevada footprint substantially.
President and CEO of Mexivada, Richard Redfern, expressed his great pleasure at continuing to do business with SPAG, conveying a strong sense of the profitability that future exploration and production may soon realize.