A work program operated by Northair Mines (TSE) is slated to begin this summer on a Nevada property covering two square miles adjacent to the Rosebud gold discovery held by Equinox Resources (TSE) and LAC Minerals (TSE). Northair recently entered into an agreement in principle with Equinox to earn a 50% interest in the Wildrose property in Pershing Cty. The Vancouver-based junior can earn its interest by cash payments and share issuances to Equinox, and by spending US$100,000 on exploration before April 30, 1993.
According to Northair, the Wildrose property is on the “probable eastern strike extension of Rosebud mineralization and hosts similar structural features.”
Drilling by LAC on the Rosebud property is reported to have intersected 300 ft. of 0.18 oz. gold, and 71 ft. of 0.24 oz. gold per ton and 8.18 oz. silver. The discovery was believed to be the first find of high- grade sulphide mineralization found at depth (about 300 ft.) west of the town of Winnemucca.
In recent months, the region surrounding the Rosebud discovery has attracted the attention of a number of mining companies.
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