International Tower Hill Mines (ITH-V, THM-X) took a time out from its Livengood project in Alaska to buy up Redstar Gold’s (RGC-V) 70% interest in the North Bullfrog project in Nevada.
Tower Hill is paying $250,000 and 200,000 common shares to take a controlling interest in a project with nine highly prospective gold targets — one of which, Mayflower, already has a compliant resource estimate.
Mayflower has indicated resources of 2 million tonnes grading 0.88 grams gold and 0.45 grams silver for 57,086 oz. of gold and an inferred resource of 950,000 tonnes grading 0.78 grams gold and 0.36 grams silver for 23,793 oz of gold.
The company describes Mayflower as an outcropping, south dipping, broad zone of gold mineralization within favourable volcaniclastic units cored by a high-grade quartz vein system. It says the initial resource estimate only tested one part of the deposit.
Tower Hill says it is developing an exploration plan to expand Mayflower and develop the other targets on the property.
Commitments at its Livengood, however, mean a follow-up drill program at North Bullfrog won’t happen until early next year.
The North Bullfrog property covers roughly 24 sq km. and sits 7 km north of the historic Bullfrog mine operated by Barrick Gold (ABX-T, ABX-N) until the mid 1990’s
In Toronto on Aug. 4, the company’s shares were off 4¢ to $3.70 on 94,000 shares traded.
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