Zeus North America Mining has announced the signing of a binding letter of intent to acquire a 90% stake in the Delker and Bulls Eye properties in Nevada, US, a region known for its rich mineralisation and mining-friendly environment.
The acquisition terms set by Nedeel grant Zeus the right to acquire the 90% interest over a three-year period, with a series of cash and share payments totalling $530,000 (C$724,462) and one million common shares of Zeus.
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These payments are contingent upon the signing of definitive agreements and subject to Canadian Securities Exchange approval.
In addition to the acquisition payments, Zeus is also committed to making bonus payments to Nedeel upon reaching certain milestones such as defining a maiden resource and completing a bankable feasibility study or making a decision to mine.
The Delker property, situated approximately 79km from Elko, Nevada, is notable for its proximity to other significant mining projects and historic production.
With 400 Bureau of Land Management (BLM) claims, the property has been the focus of past exploration efforts primarily targeting gold, with notable companies such as Newmont USA and Kinross Gold having held claims in the vicinity.
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By GlobalDataHistorical surface work and shallow drilling have indicated the presence of anomalous gold values.
The Bulls Eye property, located 17km north of the Delker property, consists of 40 BLM claims and is underlain by geophysical anomalies that suggest the potential for a buried porphyry.
Both properties are within Elko County and are accessible for year-round work, with no protected areas impeding exploration.
Zeus’ future exploration plans include comprehensive data compilation, surface mapping, sampling and ground geophysics, followed by reconnaissance drilling.
Upon successful acquisition, Zeus and Nedeel will establish a joint venture (JV) for each project, with Nedeel retaining a carried interest until specific payment milestones are met.
The agreement also allows Zeus the option to purchase a portion of the net smelter returns royalty from Nedeel.
