Astro and Nevada team up for gold hunt
PERTH (miningweekly.com) – ASX-listed Astro Resources and TSX-V and QTCQB listed Nevada Exploration Inc have signed a letter of intent (LoI) to jointly hunt for gold projects in northern Nevada.
Under the LoI, Nevada Exploration would contribute its exploration date within the million-acre area of interest, and would grant Astro a first right to use this date to acquire current and future exploration targets, over a two year period.
In exchange, Astro would spend some $1.4-million on the resulting projects.
“Being based in Australia, where our industry has had no choice but to advance new undercover exploration tools to explore in the 80% of the country where the bedrock is covered, our team recognises the incredible opportunities globally for first movers in applying new technology to open up covered search spaces,” said Asto chairperson, Jacob Khouri.
“We’re very pleased to partner with Nevada Exploration, a recognised leader in undercover exploration, to employ the same strategies being used in Australia to participate in exploring for what we believe to be one of the biggest prizes in our industry, the second, undercover, half of Nevada’s gold endowment.
“With a 15-year head start, Nevada Exploration has used the latest exploration technology to build a database of new exploration targets under cover, which we can now use to develop a meaningful portfolio of new projects. We have begun our review of Nevada Exploration’s database and expect to make further announcements soon.”
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