Vault Strategic Mining has signed a definitive mineral property purchase agreement to acquire full ownership of the Mirage-Mariposa Tungsten Mine within the Gray Eagle Project in California, as well as the North Tungsten Project in Nunavik, Quebec.
The agreement has been executed with two arm’s-length vendors.
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The Gray Eagle Project consists of 33 adjoining unpatented lode claims covering around 681.8 acres, situated roughly 10km east of Bishop, in the White Mountains.
It includes several mineralised targets aligned along a granite-limestone contact, an area known to host tungsten skarn mineralisation as well as hydrothermal vein-style precious metal systems.
The US Geological Survey’s Mineral Resource Data System lists the Mirage-Mariposa Mine as a past producer, primarily of tungsten, with silver also reported, and notes several alternate names such as Golden Mirage, Mariposa Claims and Wooley Mine.
Reported minerals include scheelite with associated garnet, epidote, quartz and argentite.
Historical analysis reports an estimated 21,000 indicated tonnes and 34,400 inferred tonnes averaging 0.15% tungsten trioxide.
Vault Strategic Mining CEO Quinn Field-Dyte said: “We are excited to add the historical Mirage-Mariposa Tungsten Mine, included within the Gray Eagle Project, to our US historical mine portfolio, particularly given its combination of tungsten and precious metals in a historically identified skarn environment.
“With multiple mineralised zones and no modern drilling, we see a clear opportunity to apply modern exploration techniques to confirm, better define and potentially expand the system. The company looks forward to engaging with potential exploration crews to get exploration under way at Mirage-Mariposa.”
Vault’s acquisition terms involve $380,000 (C$519,474) in staged payments and a 2% net smelter return royalty for the vendors.
The company’s mineral properties have seen substantial historical exploration and development, and some have been past producers or advanced towards potential mining.
