The Prospector News

Vangold Mining Corp. Signs Binding LOI to Acquire Intermont Resources LLC’s Vast Nevada, USA Property Assets

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Vangold Mining Corp. Signs Binding LOI to Acquire Intermont Resources LLC’s Vast Nevada, USA Property Assets

 

 

 

 

 

Vangold Mining Corp. (TSX-V:VAN) (OTC:VGLDF) is pleased to announce the signing of a binding Letter of Intent with Intermont Resource LLC, pursuant to which Vangold is to acquire 100% interest in Intermont Resources LLC’s assets, which encompass 18 mineral properties in northern Nevada.   These properties comprise 5,548 mining claims both recorded and staked with the Bureau of Land Management, totaling over 46,000 hectares.  Most of the properties are located near or adjacent to known gold deposits or mines.

 

 

Acquisition Terms

 

 

 

An initial cash payment of $100,000 USD and issuance of $200,000 USD worth of Vangold common shares is to be made on closing the Transaction and an additional $400,000 USD in value will be paid out over 4 installments over the 24 months following closing, payable in Vangold common shares.  The price of all common shares to be issued by Vangold pursuant to the Transaction is to be based on a 10-day VWAP prior to closing of the Transaction.  Principals of Intermont will retain a “Success Fee” based on realized Au ounces determined by PEA and a 2% net smelter royalty (NSR) of which one percent can be purchased for $3.0 million USD.

 

 

 

Cameron King, CEO of Vangold Mining, commented: “We are pleased with the results of our negotiations and finalizes the acquisition for a highly scientific selection of properties. The data indicates a strong potential for material deposits in several of these anomalies.”

 

 

 

The Intermont properties were generated by integrating regional tectonic analysis and range geologic mapping with geophysics, geochemistry and geobotany.  Many targets are on pediment, concealed beneath shallow gravel.  Such pediments have been underexplored in Nevada and are likely to host the next discoveries.  Examples of such concealed pediment ore bodies include Barrick’s (ABX:NYSE) Pipeline Mine, a Carlin-type deposit along the Cortez trend and Paramount Gold’s (PGZ:NYSE) Sleeper Mine, a resource of low-sulfidation epithermal vein deposit, in the Awakening district.  Intermont has 950 mining claims (totaling over 7,900 hectares) on three sides of the Sleeper high-grade gold deposit.  The Intermont “Sleeper Project” will be one of Vangold’s drilling priorities.

 

 

 

The following figure shows the location of the Intermont claim blocks and nearby known deposits or mines.  Seven priority properties are located along strike on mineral-controlling structures at Sleeper, Sandman, Spring Valley, Relief Canyon, Twin Creeks, Phoenix and Hollister.  The targets and the nearby deposits are a mix of low sulfidation epithermal vein gold/silver deposits, Carlin-type sediment-hosted gold deposits and Phoenix-type copper-gold skarn deposits.  Five Intermont projects have approved drilling permits, are fully bonded with the BLM and ready to drill.

 

 

 

 

 

The Intermont projects were generated by founder and president M. C. Newton,  III, PhD, CPG, an economic geologist with 30+ years of experience in mineral exploration, who has held senior technical and management positions with several mineral resource companies and consulting firms.  Dr. Newton will join Vangold, manage exploration on the Intermont projects and lead the development of Vangold’s Mexican projects.

 

 

 

The Transaction is conditional upon the parties receiving all requisite regulatory approval, including the approval of the TSX Venture Exchange, and any third party approvals and authorizations.

 

 

 

About Vangold Mining Corp.

 

 

 

Vangold Mining Corp is a Canadian-based precious metal mining company whose goal is to acquire significant exploration opportunities supported by a defined set of geological principals. The Company has a diverse range of quality projects in Mexico and is now expanding with a massive land package in Nevada USA. Vangold will continue to expand its portfolio with near production opportunities that bring value to shareholders by providing longer term exploration upside and mineral resource growth potential.

 

 

 

About Intermont Resources LLC

 

 

 

Intermont Resources LLC is a Nevada based precious metal exploration company whose goal is to identify and acquire prime mineral rights in exploration for large high-grade epithermal vein and Carlin-type gold deposits in Nevada.  Intermont employs state-of-the-art scientific and exploration methodologies and has acquired large land packages with the potential for major discoveries near or adjacent to major known gold deposits and mines.

 

Posted August 27, 2018

Share this news article

MORE or "UNCATEGORIZED"


Alamos Gold Announces Friendly Acquisition of Argonaut Gold

Unlocking Value Through the Creation of One of Canada’s Lar... READ MORE

March 27, 2024

Foremost Lithium Reports Widest Intercept to Date; 32.53 Metres of Spodumene-Bearing Pegmatite at its Zoro Lithium Project in Manitoba, Canada

Highlights Include: Drill hole FL 24-009 intersected 32.53 metres... READ MORE

March 27, 2024

WESTERN COPPER AND GOLD ANNOUNCES METALLURGICAL PROGRAM AND ASSOCIATED DRILL RESULTS

Western Copper and Gold Corporation (TSX: WRN) (NYSE American: WR... READ MORE

March 27, 2024

Endeavour Reports Strong FY-2023 Results

ENDEAVOUR REPORTS STRONG FY-2023 RESULTS Production of 1.1Moz at AISC of... READ MORE

March 27, 2024

Orezone Reports 2023 Year-end and Q4 Results, and Provides 2024 Guidance

Orezone Gold Corporation (TSX: ORE) (OTCQX: ORZCF) reported its o... READ MORE

March 27, 2024

Copyright 2024 The Prospector News