Canada-based mineral exploration company Pacific Ridge Exploration has acquired an option to earn complete interest in the Poker Brown gold-silver project, located near Reno in Pershing County, Nevada, US.
Poker Brown, a tertiary-aged, intrusive-related gold-silver prospect, is accessible by road and has a leachable gold deposit.
Hycroft, Rosebud, Florida Canyon and other gold mines and advanced projects are situated near the Poker Brown gold-silver project.
As part of the acquisition deal, Pacific Ridge Exploration will pay $1m and advanced royalty payments of $940,000 to the original property owner over a period of eight years.
No payments will be made in the first year, with two bonus cash payments of $500,000 to be paid on cumulative exploration expenditures of $5m and $8m.
The existing owners of Poker Brown gold-silver project have already conducted rock sampling and mapping programmes, following which a 1,200m by 600m zone of alteration and gold enrichment area have been identified.
Pacific Ridge Exploration said that two styles of alteration-mineralisation with bulk tonnage potential have been found in the property.
Shear hosted mineralisation of the site comprises clay-sericite-limonite±silica alteration with up to 10% sheeted quartz-limonite veinlets.
The property vendors have gathered 56 samples of gold from four east-northeast striking shears.
Additionally, 12 samples have been taken from two north-northwest striking shears.
The other mineralisation style includes a quartz-clay-sericite-calcite altered hydrothermal breccia exposed in scattered prospect pits and small outcrops.
Twenty one breccia samples excavated from the pit dumps and float include silicified slate, quartz-limonite veins and quartz veins, in a crushed rock flour matrix with clay-limonite-calcite and late calcite veinlets.
Gold at Poker Brown is also associated with limonite within stockwork.
Following the completion of the deal, Pacific Ridge Exploration will undertake an induced polarisation geophysical survey to test sulphide mineralisation in depth.
Information from the survey and other ongoing geological and sampling will be used in future drill programme.