Mineral resources company Punchline Resources has signed an option agreement to acquire a 70% stake in the Winnemucca Mountain Property in Humboldt County, Nevada, US.
The advanced gold exploration and development project encompasses 72 unpatented mineral claims over an area of 560ha, located close to Newmont's Lone Tree Gold Mine and Sleeper Gold Mine.
Sante Fe Pacific Gold has undertaken previous exploration and computer modelling at Winnemucca and identified a gold zone containing an estimated 4.5 million tons grading 0.028 opt gold.
Punchline president and CEO Ramzan Savji said that the prospect complements the company's growth strategy owing to a defined gold zone displaying both tonnage and grade potential.
"We look forward to quickly establishing the next phase of exploration and development at Winnemucca and intend to proceed with additional mapping, sampling, and drilling as soon as possible," Savji added.
Gold mineralisation discovered by Sante Fe in 1998 was centred at the Swordfish zone with 13.7m containing 3.9g/t gold.
Additional exploration in 1996, which included an induced polarisation (IP) survey, had delineated two new target zones, which Punchline expects to explore further.
Image: Punchline Resources has acquired a majority stake in Nevada gold property.