Iconic, McEwen to jointly develop New Pass project in Nevada
Subsidiaries of Toronto-listed miners Iconic Minerals and McEwen Mining have entered into a formal 50:50 joint venture (JV) agreement to advance the New Pass gold project in Nevada.
The 2 140 ha property is located along a prospective Carlin-type gold trend three hours east of Reno.
Iconic Minerals president and CEO Richard Kern says the partners’ focus is to expand the known mineralisation on site and demonstrate the potential for a materially larger resource.
“With defined targets from historical drilling and recent induced polarisation work, we are preparing an initial 20 to 30 hole drill programme to test extensions of the deposit. We believe this work can significantly enhance project value for both partners and our shareholders,” Kern adds.
The JV agreement builds on an option agreement entered into between the companies in September 2004, whereby Iconic was granted the option to acquire a 50% interest in the property through its subsidiary, which Iconic exercised in full.
The JV agreement provides that the parties will fund exploration and other JV expenditures on the property in proportion to their respective participating interests and establish a management committee to determine overall policies, objectives, procedures and actions under the JV agreement.
Iconic will initially act as the manager of the JV.
A total 38 angled reverse circulation holes are expected to be drilled to test extensions up-dip (east) and to the north and south of the deposit where mineralisation occurs at the surface.
Iconic confirms that a new technical report will be published to incorporate the results of the exploration programme once concluded.
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