VANCOUVER, BC: Altan Nevada Minerals Limited of Vancouver is pleased to announce that it has entered into an agreement with a wholly owned subsidiary of Teck Resources Limited to further explore the Company’s North Star Gold Project situated on the Carlin Trend, northern Nevada.
Teck has the option to earn up to an undivided 70% interest in the North Star Property and participate as joint venturers by incurring $5,000,000 in expenditure on the project.
With permitting already in place, drilling at North Star is expected to commence towards the middle of 2014. Altan Nevada and Teck will work together to finalize drill targets in the intervening period.
North Star is an under-explored gold play situated at the northern end of the Carlin Trend, one of the world’s major gold districts with cumulative gold production to date of in excess of 80 million ounces.
The project is situated approximately 55 km north-northwest and along strike from Barrick Gold Corporation’s Goldstrike mine, which has cumulative gold production to date of approximately 40 million ounces and current proven and probable reserves of approximately 12 million ounces.
Altan Nevada’s interest in the Project, which covers an area of 3,152 acres, consists of 163 lode mining claims, 44 of which are owned by the Company, with the balance held under option from Genesis Gold Corp, a Utah Corporation (“Underlying Option Agreement”).
In 2011, a mapping and sampling campaign was undertaken for the purpose of verifying previous geochemistry profiling and identifying targets. A follow-up deep looking IP profile obtained in 2011 demonstrated the presence of a major structure associated with a chargeability feature at depth. Following the excavation of two exploratory trenches in late 2012, the Company announced encouraging assay results including gold values up to 1.06 g/t over 3 m within much broader gold bearing zones ranging from 18 m wide in Trench 3 up to 63 m wide in Trench 2. Within the gold bearing zones, geochemical anomalies of arsenic, antimony and thallium confirmed the presence of Carlin-type alteration and mineralization.