North options Nevada property

Australia’s North Mining can acquire a 51% stake in the Antone Canyon gold project in Nevada from Royal Standard Minerals (RSM-M). In return, the major is required to spend US$2 million and outline a resource of at least 1 million oz.

North can increase its stake to 65% by spending another US$4 million, and to 70% by producing a feasibility study.

The Australian company plans to spend at least US$125,000 during the first phase of exploration, beginning with mapping, sampling and 1,800 ft. of core drilling. The drilling will focus on three high-grade structures that contain grades ranging from 0.1 to 1 oz. gold per ton.

Antone Canyon consists of 166 unpatented mining claims south of the Round Mountain mine in central Nevada. Mineralization is hosted in lower Paleozoic sedimentary rocks. Royal Standard has outlined three parallel structures that form an east-westerly trending zone measuring 4,000 by 300 ft. To date, the property has been subjected to more than 7,000 ft. of reverse-circulation drilling.