Bonanza Goldfields (BONZ) has signed an agreement to acquire Middle Verde Development’s Idaho and Broken Hills mines in Arizona, US.
The assets are adjacent to BONZ’s Golden Gem mine, which lies 10m north of Kingman, Arizona.
Middle Verde acquired the Idaho and Broken Hills claims recently from an undisclosed party.
The exploration objective of BONZ at Golden Gem is the 11 reported veins, covering 500ft south-west of the main Golden Gem mine shaft.
The company’s area of interest continues onto the Idaho and Broken Hills claims, where it plans to evaluate programme for bulk gold and silver potential as a future open-pit mine.
Through the proposed acquisition with pending corporate transactions with Hondo Minerals and Middle Verde, the company expects to add critical mass to the Golden Gem project.
According to the company, plans are in progress to increase the land position at Golden Gem through further expansion and consolidation.
With the acquisition, the company will be able to expand its chloride portfolio to a total of 12 mines.
Other mines of the company are spread over 500 acres and include Badger, Hercules, Rambler, Payroll, Molly Gibson, Arizona & Montana (A&M), Towne, Summit and Daisy Twins mines.
The company also has land for a mineral processing facility on the Terminal Millsite, which is located close to the Molly Gibson and A&M mines.