Nevada Pacific Gold Ltd. has announced that permitting for a Phase II drilling program on the Company’s South Carlin project is now complete.
The 17-sq.-mi. (44 sq km) project is located on the Carlin Trend between Newmont Mining’s Gold Quarry Mine (20 million ounces) and Rain Mine (1.5 million ounces) in Elko County, NV.
The Phase II program is budgeted at $250,000 and will consist of road building, drill pad construction and thedrilling of approximately 6,000 ft. (1,828 m) of reverse circulation and core drilling in two holes. The drilling will follow up on favorable exploration results received in the Phase I drill program completed in June.
This new budget allocation brings the total first year expenditures by Placer Dome U.S. Inc. to approximately $1,000,000. Placer Dome U.S. Inc. has the right to earn a 60 percent interest in the project by spending $4.6 million on exploration on the project over a five-year period and can earn an additional 10 percent interest (70 percent total) by producing a feasibility study.
Nevada Pacific Gold has a property portfolio that contains six sizeable gold exploration projects and one silver project in the State of Nevada. The Company’s South Carlin project is optioned to Placer Dome and the Limousine Butte project is joint-ventured with Newmont Mining. The Company is also advancing other projects within its
portfolio.
Nevada Pacific controls approximately 100 sq. mi. of mineral rights including portions of two significant gold belts in northeastern Nevada.
