Pathfinder Exploration, a wholly owned subsidiary of mining giant Cogema, recently signed an option to earn up to a 65% interest in the Morning Glory/Wallace Creek property owned by Formation Capital (VSE).
The property covers about 9,500 acres near Salmon, Idaho, and Pathfinder can earn the interest by spending US$1 million over five years in addition to covering property payments. Formation will also receive a cash payment of US$22,000 plus annual payments of US$10,000.
The exploration target on the property consists of fracture-controlled gold mineralization along major shears or faults. Previous work on the property returned a 160-ft. intersection grading 0.049 oz. gold per ton with mineralization remaining open along both strike extensions. Seven additional targets have been identified on the property to date.
Pathfinder must spend a minimum of US$200,000 this year and is expected to begin a program in early April.
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