North Springs Resources Corp., an exploration stage company primarily engaged in the acquisition of interests and leases for the development and production of oil and gas wells, today announced that it has purchased the mineral rights to the North Springs Gold Property in Nevada’s Mineral Ridge Mining District. The land encompasses a 60 mile stretch of the mountains in Esmeralda County that separates the Sierra Nevada to the west and southwest and the Great Basin to the east and northeast.
The North Springs Gold property, located at the heart of the Silver Peak mining district known as the most productive mining districts in Nevada, has similar geology to the nearby Mineral Ridge Mine where gold deposits have been mined since 1864. The Mineral Ridge gold deposits are located on the northeast flank of the Silver Peak in rocks that are cut by numerous shallow dipping faults, which have become hosts to the gold deposits. Historically, 680,000 ounces of gold have been reported to come from the mine over a century of development and gold recovery was achieved through grinding and vat leaching at reported recovery rates of up to 94%.
“The North Springs Gold Property is located in one of the premiere mining regions in Nevada and we are committed to exploring the potential of this property,” stated Harry Lappa, President of North Springs Resources, in a press release on Wednesday. “The North Springs Gold Project currently has well defined drill targets based on geologic mapping and surface sampling; presently demonstrating excellent potential to discover a world-class gold deposit. Management intends on aggressively growing the company, and with the recent increase in gold prices, we want to build a strong gold exploration company around properties with a strong possibility for a significant gold discovery. We believe that this acquisition is just the beginning for North Springs Resources.”
The North Spring Gold property is expected to have similar results to those of the Mineral Ridge Mine considering its similar geology, alteration and mineralization, geochemistry and structural setting. No resource estimate is known at this time but sampling to date indicates an approximation of 0.8 ounces per ton from surface workings. The North Gold Project contains several untested gold targets that include open-pit, disseminated mineralization and high-grade shear zones and feeder veins like those that have been mined at Mineral Ridge.
For more information, please visit www.northspringsresources.com
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