On Friday, North Springs Resources Corp. announced that they completed initial field work and sampling on the North Springs Gold Project located in the prestigious Mineral Ridge Mining District in Esmeralda County, Nevada. The Company has also secured a $1 million Draw-Down Line of Credit Note to fund exploration, growth, and on-going operations.
A team of independent geologists, in early October 2011, took 42 rock-chip samples from North Springs’ current claims and surrounding areas. The results from this sampling program identified significant gold mineralization up to 0.23 ounces per ton from surface workings. The Company has this week, based on these findings, submitted documentation to record an additional 42 claims with the Nevada Bureau of Land Management in Esmeralda County, which should be accepted soon. If successful in recording all 42 claims, the North Springs Gold Project will consist of 58 claims covering 1,160 acres.
Mr. Harry Lappa, President of North Springs Resources, stated, “We are hitting the ground running! The samples that were recently sent to the lab for assaying have returned with very favorable results. I’m very pleased that we have quickly proven the potential of the project and shown our team’s commitment to success. In addition to returning some high-grade gold samples, the initial sampling work vastly increased our knowledge of the property. As a result, the Company is attempting to add an additional 42 claims in the area surrounding our existing claims to fully exploit the opportunity. The North Springs Gold Project currently has well defined drill targets based on both geologic mapping and surface sampling; presently demonstrating excellent potential for the discovery of a significant gold deposit.”
Furthermore, North Springs Resources has secured an initial financing of $130,000. This initial financing is part of a 12-month $1 million Draw-Down Line of Credit Note. They will use the proceeds from this financing for general working capital purposes or such other purposes as they may determine from time to time.
Mr. Lappa further stated, “The initial financing, as well as the access to future capital, increases our flexibility to further operations and to allocate funds to the acquisition, exploration, and development of additional mining projects.”
Headquartered in Reno, Nevada, North Springs Resources focuses on the evaluation, acquisition, exploration, and development of mineral resource properties. The Company is currently in the evaluation and acquisition phase of operations. A skilled and experienced management team and independent consulting geologists, with many years of experience, lead the Company. North Springs’ commitment is to creating value for their shareholders by advancing their current holdings and by acquiring new properties with significant potential.
For more information, visit www.northspringsresources.com
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