Goldcliff Resource has signed a letter of intent (LoI) to acquire a 40% joint venture (JV) interest in Lincoln Mining’s Pine Grove Nevada project in Lyon County, Nevada, US.
The project comprises the Wilson patented claims, the Wheeler patented claims and 243 unpatented claims, including ten placer claims and one mill site claim.
The property is approximately 1,813ha, and measured resources of 2,137,000t and indicated resources of 923,000t occur in two deposits on the Wilson and Wheeler claims.
Goldcliff plans to spend $1.4m over a period of three years on the project.
Controlling 723.97 acre-feet of certificated groundwater rights on the property, Lincoln will also serve as project operator.
With immediate effect, Goldcliff and Lincoln plan to resume permitting activities.
Guidance for permitting will be provided by Stantec Consulting Services with the various Nevada agencies and the US Forest Service.
The JV companies also propose to drill test certain resource expansion targets in the near future.
Drilling at the project will primarily focus along the north-northeast edge of the Wilson patented claims where mineralisation is open.
Lincoln said that there are no additional duration, milestone, lump sum payments as part of underlying land agreements.
Lincoln also operates the Oro Cruz gold property in California, US.