Vancouver-based Triton Mining (TSE) will enter a joint-venture option agreement with TVX Gold (TSE) to develop the junior’s India gold project in Nicaragua.
The India project, which lies 50 km east of Triton’s El Limon gold operations, is underlain by volcanic rocks and is on the western shoulder of a caldera. Mineralization is found in a series of parallel, northwest-striking veins that dip steeply. The veins vary in width from 1 to 3 metres and have an average grade of 9 grams gold per tonne.
The property was first brought into production in the 1930s and operated until 1956. Exploration by the Nicaraguan government in the 1980s defined nine mineralized quartz vein structures. More recent observations from previous drilling and underground openings have led Triton to conclude the property hosts a resource of more than 2 million oz.
TVX can earn a 60% interest in the India project by spending US$4.5 million, paying US$2 million to Triton and by conducting an independent feasibility study within three years. TVX will operate the project during the option period and pay all taxes, as well as concession and permit costs.
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