- Gold79 Mines (AUU) has completed a Lease Agreement with Option to Purchase for the patented claims belonging to the Banner Group
- This agreement allows Gold79 to expand its Gold Chain project in western Arizona, which surrounds the Banner Group claims
- The company has a 20-year option period to purchase a 100 per cent interest in the patented claims
- Gold79 Mines Ltd. (AUU) is steady, trading at $0.085 per share
This agreement allows Gold79 Mines (AUU) to expand its Gold Chain project in western Arizona.
Derek Macpherson, president and CEO of Gold79, commented,
“Mapping and sampling to date have revealed that the Banner claims occupy an important part of the recently identified zone of gold mineralization hosted by rhyolite dikes.”
He added,
“Additionally, we view these 93 acres as strategic to the company as they help de-risk a future development scenario and provide immediately accessible drill targets.”
The Banner Group claims are surrounded by the company’s recently staked claims which now encompass a broad rhyolite dike complex hosting previously productive quartz veins and broader zones of quartz veinlets.
Mr. Rob Johansing, Vice-President of Exploration, stated,
“Our recent work at Gold Chain, along with the expansion of our land position, highlights that this is a larger, more pervasively mineralized system than evidenced in the historic mining activities.”
The terms of the agreement include a 20-year option period to purchase a 100 per cent interest in the patented claims with annual cash option payments on each anniversary date until the claims are purchased.
The amounts laid out in the terms include:
- Payments of US$10,000 for the first five years, US$15,000 for years 6 to 10, and US$20,000 for years 11 to 20
- The option, prior to commercial production, for Gold79 to purchase a 100 per cent interest in the Banner Group claims for US$1,500,000
The company plans to drill test the Roadside, Black Dyke and Gold Chain targets later this quarter, once a drilling contractor is secured.
Gold79 Mines is an exploration stage junior mining company engaged in the identification, acquisition, evaluation and exploration of precious metal properties in North America.
The company’s projects portfolio includes Jefferson Canyon in Nevada, Gold Chain in Arizona, and Greyhound in Nunavut.
Gold79 Mines Ltd. (AUU) is steady, trading at $0.085 per share as of 11:11 am ET.
