Vancouver-based Getchell Resources has granted Getty Resources the option to earn an interest in an epithermal precious metal deposit in Humboldt Cty., Nev.
Under the agreement Getty can obtain a 50% interest in the 17,900 acre Rock Creek Ranch property which is considered to be highly prospective for typical sediment- hosted epithermal precious metal deposits.
The agreement also allows Getty to earn a 50% interest in the patented surface and mineral rights.
Consisting of approximately 28 sections, the property is located on the southern end of the prolific “Getchell trend” which encompasses the Chimney, Getchell, Pinson and Preble gold deposits.
The Chimney deposit is estimated to contain 20 million tons grading 0.09 oz gold per ton while the other three deposits have combined reserves of approximately 10.5 million tons with an average grade of 0.15 oz.
To earn its interest, Getty must spend before Dec 31, 1989, an aggregate of $685,000 on land acquisition costs, $350,000 in advance royalty payments and $2.7 million on exploration and development costs.
A preliminary reconnaissance and sampling program has identified the presence of several Jasperoid zones. An intensive program of geological mapping, geochemistry and geophysics will begin to defined existing exploration targets.
Drilling is also scheduled to begin at the end of the year.
Getchell has granted Getty the right to provide or arrange production financing required by the joint venture.
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