Endomines AB announced that it has entered into a Letter of Intent with Transatlantic Mining Corp., to purchase the US Grant Mine and Mill in conjunction with the Lease Assignment of the Kearsarge Gold Project in the Virginia City Mining District in Montana, USA.
The US Grant Mine is comprised of 5 patented and 28 unpatented lode mining claims covering 2.2 km2 and a 150 tpd processing facility. The Mine has had historical high-grade gold and silver mined periodically between 1867 and 1984. Production records are not well documented, however, historic mining grades between 6.9 - 8.6 g/t (0.2 – 0.25 oz/t) gold and 171.4 – 342.8 g/t (5 – 10 oz/t) silver have been reported. Numerous veins have been mapped within the project limits. The US Grant and El Fleeda veins have been historically mined and are the two most prominent veins.
The US Grant Mine is a high-grade, underground gold and silver project with a historical resource totaling 165,700 ounces of gold and 4.47M ounces of silver contained in 346,000 tonnes (381,400 short tons) of mineralized material. Endomines is not treating the historic estimate as either a mineral resource or mineral reserve as defined in NI 43-101.
The Kearsarge project is comprised of 35 patented lode mining claims covering 2.8 km2. The project was extensively explored in the 1990’s with a total of 135 drill holes completed along 350 m of the total 3 km vein strike length. The Kearsarge project is located 8 km along a county road from the US Grant enabling processing of ore from the existing 150 tpd mill.
The Kearsarge project is a high-grade, underground gold project with a historical resource totaling 380,700 ounces of gold contained in 4.1 million tonnes (4.5 million short tons) of mineralized material. Endomines is not treating the historic estimate as either a mineral resource or mineral reserve as defined in NI 43-101.
These Assets add a total of 546,400 ounces gold and 4.47 million ounces silver of historical resources to the company with considerable potential for additional resources to be discovered through further exploration of the district.
Endomines has made a $550,000 USD down payment to Transatlantic for the Assets. The proposed purchase price for the Assets will be of CDN $0.10 per Transatlantic shares up to 95% of the total Transatlantic shares, payable in Endomines common stock. An additional agreed payment amount for all deferred compensation and expenses will be made in two installments.
Zachary J. Black, Endomines' Chief Technical Officer and a qualified person under Canadian National Instrument 43-101, approved the scientific and technical information in this news release.
Source: Endomines AB
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