With $661,500 in hand from a recently completed private placement, Vancouver junior Tournigan Ventures (TVC-V) has inked a deal paving the way for it to earn up to q 75% stake in European Gold Resources‘s (YGR-V) Omagh gold project in Northern Ireland.
Tournigan can boost its initial 51% stake in the project to 75% by funding exploration, feasibility, and development work. Once a feasibility study has been tabled, Tournigan will buy up European Gold’s land, buildings, and permits.
The deal also calls for Tournigan to construct and operate a pilot plant to produce precious metals from near surface reserves for European Gold’s Galantas jewellery subsidiary.
The 189-sq.-km Omagh project is host to at least 15 mineralized structures outlined in the eastern third of the concession by Rio Tinto (RTP-N) in 1985. Based on trenching and 41 diamond drill holes, the Kearney structure has an independently estimated resource of about 300,000 oz. of gold at an average grade of 7 grams gold per tonne. Several other gold anomalies remain untested.
The deal is subject to regulatory approval formal documentation.
Meanwhile following some due diligence work in Mexico, Tournigan has dropped a deal to acquire up to a 100% interest in Meridian Gold‘s (MNG-T) Mercedes gold project in Sonora state.
Under the deal signed in August, Tournigan was to earn a 51% stake by spending US$500,000 on exploration and maintenance in each of the first two years. Tournigan would also issue Meridan 200,000 shares in all. The company could acquire the project outright by completing a positive bankable feasibility study.
The 27.4-sq.-km project covers a series of epithermal veins containing high-grade gold and silver mineralization within a package of altered Tertiary-age volcanic rocks of the Sierra Madre Occidental. Surface and underground mapping and sampling, and three phases of drilling, by Meridian turned up precious metal mineralization including veining, stockwork zones and pervasive silicification. Some of the veins have been traced for up to 2 km on surface.
Drilling on the Mercedes zone identified an 11-metre-wide zone with a strike length of about 800 metres. The zone averages about 16 gold equivalent grams per tonne.
Some 2 km to the north, drilling on the Klondike vein returned grades of up to 30 grams gold over 1.9 metres. Surface sampling of a lower-grade envelope returned grades between 2-4 grams.
Several other gold and silver targets remain untested.
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