An agreement has been signed by Goldstack Resources (VSE) with American Consolidated Mining (USOTC) covering exploration and development of the Goldhills project on the Nevada-Utah border.
The project consists of a number of mineralized areas; Goldstack has an option to acquire a 50% interest in the Yellowhammer and Reaper deposits, and the Bridge, Lucie L and Southern Shear System properties.
Minerals produced from the Utah mining district in which the project is situated include gold, copper, arsenic, tungsten, silver, lead, zinc and bismuth.
To earn its interest in Yellowhammer, Reaper and Bridge, Goldstack must spend $1.6 million on work to include a 12-month vat-leaching operation at Yellowhammer and exploration during an 18-month period (the option periods may be extended).
At Lucie L and Southern Shear, Goldstack must spend $2.5 million on exploration work during a 3-year period.
The agreement includes cash payments to American of $75,000 upon signing and $25,000 per month for an initial 10-month period.
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