Lincoln, Golden Odyssey team in Cortez trend

Nevada-based explorer Lincoln Gold (LGCP-O) has optioned its JDS property in Eureka Cty., Nev., to Golden Odyssey Exploration (GOE-V, GODYF-O).

The deal lets Golden Odyssey earn a 51% interest in the 1,540-acre property, which is 8 miles northeast of the Tonkin Springs project being operated by U.S. Gold (USGL-O) and 17 miles southeast of Cortez Hills, site of a discovery by Barrick Gold (ABX-T, ABX-N). To earn the interest, Odyssey must do 6,000 ft. of reverse-circulation drilling within 18 months. The agreement also lets Odyssey increase its interest to 65% by funding another US$1.5 million in exploration work, and to 75% by funding a further US$2 million.

The targets at JDS are buried under alluvium and were picked off gravity surveys that indicate a “bench” structure in the underlying rocks. Those are believed to be Devonian-aged carbonates of the Cortez trend’s “lower plate,” the host to most gold mineralization on the trend.

The gravity data also shows features interpreted to be faults and a soil gas survey located a zone of high mercury — often a pathfinder for gold in Nevada — over an intersection of two interpreted faults.

Golden Odyssey is also planning a drill program at the Anchor project, also on the Cortez trend. There, Jurassic-aged dykes intrude the Devonian-aged Devil’s Gate limestone, which has a karst erosion horizon at its base; the geology resembles that of the Rain gold deposit, which produced 1.5 million oz. for Newmont Mining (NMC-T, NEM-N).