Having selected several targets it considers to be of high calibre, Kinross Gold (K-T) has kicked off a drill program at the Railroad gold project in Nevada’s Carlin trend.
The project, in which Kinross is earning a 50% interest from Mirandor Exploration (MIG-M), consists of 600 patented and unpatented claims, plus about 15 sq. miles of private land adjacent to, and south of, Newmont Gold’s Rain gold mine.
The joint-venture agreement calls for Kinross to spend US$7 million over four years in order to earn its half-interest. During the earn-in period, Kinross will be responsible for all property and assessment payments.
Kinross can earn an additional 10% interest by spending a further US$5 million on a positive feasibility study. Upon completing the study, Kinross and Mirandor would jointly seek project financing.
The Railroad project area encompasses 15 past producers within a Carlin window of lower plate sedimentary rocks outcropping along an anticline structure.
In 1997, Mirandor drilled several targets on the property. This work resulted in three new gold discoveries, while reportedly expanding the potential of known showings. Results include:
* 20 ft. of 0.44 oz. gold per ton plus 3% copper and 0.55% zinc; * 45 ft. of 0.16 oz. gold plus 0.76% copper and 0.15% zinc;
* 335 ft. of 0.02 oz. gold; 15 ft. of 0.1 oz. gold; and 55 ft. of 0.1 oz.
gold.
Kinross’s drilling will initially focus on the Elliot High Ranch area.
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