Business
Golden Dory Options Pequop South Property, Elko County, Nevada
Golden Dory Options Pequop South Property, Elko County, Nevada
About this update from Forge Resources Corp.
[{"type":"text","content":"\nGolden Dory Options Pequop South Property, Elko County, Nevada\n\n\n Aug. 27, 2009 (Filing Services Canada) -- Golden Dory Resources Ltd. (GDR - TSX Venture), is pleased to report that it has entered into an option agreement with AuEx Ventures Inc. of Reno, Nevada, to acquire a 70% interest in the Pequop South property. Golden Dory has issued AuEx a total of US$20,000 cash, and must make exploration expenditures of US$2.85 million over a six year period and fund a bankable feasibility study by August 2016. The property consists of 79 unpatented mining claims (the JT claims) which are located approximately 25 miles southeast of the town of Wells, in Elko County, Nevada. The claims were targeted after a methodical review of available AuEx gold properties in Nevada. This transaction is subject to TSX Venture Exchange approval.Exploration for Carlin-type gold deposits has traditionally focused on the established Carlin, Battle Mountain, and Getchell trends in north-central Nevada. These deposits are generally associated with thinly-bedded dirty limestones deposited in carbonate slope environments. Eastern Nevada with its platform facies carbonates has historically been overlooked as a target for Carlin-type deposits despite significant deposits at Bald Mountain and Alligator Ridge; districts with over 5 million ounces of production and reserves hosted within platformal sequences. The Pequop Range in northeastern Nevada, which is underlain by platformal carbonate sequences similar to Bald Mountain and Alligator Ridge, hosts several significant new gold discoveries of which the largest is Long Canyon.The rapidly emerging Pequop Gold District is currently the focus of two aggressive exploration programs which include the Long Canyon property, a joint venture between Fronteer Development Group (51%) and AuEx Ventures Inc. (49%); and the West Pequop property, operated by Agnico Eagle (USA) Limited through an earn-in option agreement with AuEx Ventures Inc. In March, Fronteer reported the first resource estimate for the Long Canyon deposit consisting of 363,000 indicated ounces gold plus 459,000 inferred ounces gold (at 0.30 grams per tonne cut off), and the deposit is still open. Long Canyon lies approximately 8 miles northeast of and along trend from Golden Dory's Pequop South property, while Agnico's West Pequop property is contiguou...