Vancouver A unit of Placer Dome (PDG-T) has defined drill targets at Bravo Venture Group’s (BVG-V) South Lone Mountain gold project in Nevada’s Battle Mountain/Eureka trend.
Placer Dome recently notified Bravo that it had exercised its right to make the property a "selected project" under the terms of an October 2004 agreement involving three properties in the world-famous gold trend. The senior gold company spent more than US$200,000 on exploration, which allowed it to advance the South Lone Mountain project toward joint-venture status.
Placer Dome has the right to earn a 51% interest in the project and can enter into a formal joint-venture agreement with Bravo once it has spent US$1 million on exploration.
Bravo assembled the land package after discovering gold in oil-well cuttings (drilled in 1989) in the gold-bearing Roberts Mountains Formation. More than 20 drill locations have been selected to test four deep targets and five shallower targets, all within 25 square miles of the 45-square-mile land package.
Additional targets are expected to be developed once geophysical programs are completed. Recent mapping and sampling has identified exposures of decalcified favorable host rocks about three miles from the oil well. Float samples have returned anomalous gold values, along with arsenic and antimony.
Placer Dome recently signed a deal to explore a fourth Bravo project situated near the past-producing Tonkin Springs gold deposit, also in Nevada. The 168-claim Pete Hanson project will be tested by geological, geochemical, and geophysical programs, to be followed by the selection of drill targets.
Be the first to comment on "Placer Dome defines targets at Bravo’s South Lone Mountain"