- Northstar Gold (CSE:NSG) has signed a non-binding memorandum of understanding with Hunan Nonferrous Geological Exploration Institution
- The purpose of the agreement is to explore and develop a near-surface NI-43-101 gold mineral resource at the Miller Property in Ontario
- After site visits in October, the company and Hunan will work to finalize the project’s earn-in terms, scope and timeline to develop the gold mineral resource
- Shares of Northstar Gold are up 20 per cent to C$0.03 as of 11:35 am ET
Northstar Gold (CSE:NSG) has signed a non-binding memorandum of understanding with Hunan Nonferrous Geological Exploration Institution.
The company stated in a news release that the purpose of the agreement is to explore and develop a near-surface NI-43-101 gold mineral resource at the Miller Property in Ontario.
To do so, roughly 10,000 metres of diamond drilling will take place that will enable Hunan Nonferrous to earn a negotiated interest in the NI-43-101 gold resource.
“The MOU with Hunan Nonferrous significantly enhances Northstar’s prospects to advance and develop the Allied Gold Zone, along with other gold exploration targets within the Miller Alkalic Intrusive Complex, through collaboration with a senior partner,” Brian Fowler, CEO of Northstar Gold, said in a statement.
In early September, the company provided Hunan Nonferrous with access to the property’s gold exploration database through a confidentiality agreement.
The two entities will also enter into negotiations to finalize the project’s earn-in terms, scope and timeline to develop the gold mineral resource at the Miller Copper-Gold Property.
Northstar Gold’s primary exploration focus is to advance and expand the near-surface, Allied Gold Zone bulk-tonnage gold-telluride deposit and more recently discovered VMS copper mineral deposits at its Miller Copper-Gold Property.
The company also owns three additional 100-per-cent-owned exploration projects in Northern Ontario, including the Rosegrove Property, the Bryce Gold Property and the recently expanded Temagami-Milestone Property.
Shares of Northstar Gold (CSE:NSG) are up 20 per cent to C$0.03 as of 11:35 am ET.
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