Barrick taking a kick at Miranda Gold’s Horse Mountain

Vancouver — Nevada focused gold-hunter Miranda Gold (MAD-V) is optioning its Horse Mountain project, in Lander County, to Barrick Gold (ABX-T).

The letter of intent has Barrick earning a 60% interest by spending $2 million in exploration over four years, after which, an additional 10% can be acquired by funding an additional $6 million in exploration over 6 years. A further 5% (for a total of 75%) can be earned by arranging Miranda Gold’s share of project financing after the completion of a positive feasibility study.

The Horse Mountain project is situated about 16 km west-northwest of Placer Dome’s (PDG-T) and Rio Tinto’s (RTP-N) Pipeline mine complex in the northern Cortez trend.

The target at Horse Mountain is a high-grade Pipeline-Cortez Hills model where inferred mineralized faults extend through lower plate Silurian Roberts Mountain formation rocks within a large oxidized alteration cell. Past drilling at the project showed indications of a significant alteration cell, about 1,800 metres by 600 metres, within lower plate rocks at depth.

Initial drilling is expected to offset and extend prior holes that ended in gold mineralization and alteration.

With its 21.5 million shares outstanding, Miranda Gold posts a market capitalization of $14 million at the recent 65 per share trading level.