Spartan Gold, www.spartangoldltd.com – the US-based gold exploration firm, reported successful execution of an option and mining claim acquisition agreement yesterday on Mexivada Mining Corporation’s Poker Flats property.
The agreement allows SPAG, in conjunction with joint venture partner Sphere Resources, Inc., to acquire a 70% interest (equally shared) in Poker Flats.
The Poker Flats is located in Nevada’s prolific Carlin Trend, within the Carlin Mining District of Elko County and consists of some 500 acres (two non-contiguous blocks structured as 25 unpatented lode mining claims).
The NI 43-101 technical data indicates Carlin-type mineralization and with three major mines operating in the vicinity under Newmont, Gold Standard Ventures and Barrick Gold, the similarities in the geophysical/geological analysis has prompted the pursuit of a two-phase exploration program.
Under terms of the agreement SPAG would incur responsibility for financing first stage exploration, while Sphere (Canadian mining resource investment house) is tasked with tackling the subsequent mining feasibility study on the property. Full terms of the agreement will be available in the Form 8K filed by SPAG.
The exploration goal at Poker Flats is to identify a 500k-1M oz Au resource which will enable open-pit operational capabilities.
Due to the close proximity of major mining operations (Railroad-Pinyon) and similar mineralized host rocks as the nearby Rain Mine deposit, SPAG is buzzing with excitement.
Chairman and CEO of SPAG, Malcolm Stevens, underscored the significance of the geographic location of Poker Flats and its physical emulation of the major nearby operations.
President and CEO of Mexivada, Richard Redfern, praised the technical team for their expertise and expressed confidence in SPAG’s exploration capabilities, Sphere’s diligence in overseeing requisite formal studies to validate the prospect and the production potential of Poker Flats itself.