North Springs Resources Corp., already well-positioned in high-grade bulk tonnage gold via their Nevada-based, North Springs Gold Property (situated in the same trend as the Mineral Ridge deposits containing a current resource of some 500k oz Au), recently reported signing a letter of intent with DNP Mining LLP to acquire a 20% working interest in one of Arizona’s gold properties for $500k.
President of NSRS, Harry Lappa, spoke very favorably of this acquisition in the Goldstar/One Armed Joe Project, a 180-acre (9 claim block) stretch of some 900 feet of quartz veins (600 Goldstar, 300 One Arm) just outside the city of Wickenburg. Lappa characterized the project as having “huge potential,” projecting an aggressive exploration/development program upon completion of the acquisition that would include robust core drilling and securing of requisite permits, as well as the construction of an on-site pilot plant to support the comprehensive mining strategy.
As definitive terms of the agreement are negotiated to satisfaction, NSRS is diligently working on a meticulous evaluation of the property. Extant workings and the estimated reserves are seen by NSRS as constituting a perfect opportunity to grow shareholder value while cementing North Springs as a growth-focused operator in the mining sector.
A very strong move for North Springs, which is currently focused on evaluation and acquisition, constantly on the lookout for opportunities to secure prime leases and enter into mutually profitable joint venture agreements. Adding substantially to the Company’s Nevada interests at the North Springs Gold, which contains several untested gold targets, including open-pit and the same high-grade shear zones/feeder veins mined successfully by multiple companies at the nearby Mineral Ridge deposits.
While the transaction is yet open pending entry into a definitive agreement by both parties, as well as the satisfaction of customary due diligence, further details regarding progress or a definitive agreement were pledged to be forthcoming.
Great news for NSRS as the move to secure access to this premiere Arizona gold property comes at a time when, despite flagging support for higher price levels, leading indicators across the board point to solid profitability for precious metals. As sovereign debt crises in the US/EU ignite, India, the world’s largest importer of gold, may import as much as 50% less this December (via a declining rupee) and the Chinese economy is still showing strong signs of overheating; in this environment, precious metals can increasingly become a benchmark by which all other asset classes are measured.
For more information on the announcement, or to learn more about the Company, please visit: www.NorthSpringsResources.com
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