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Medallion Acquires Lodi Hills, Nevada Gold-Exploration Property
TSX-V: MDL VANCOUVER, Dec. 6 /CNW/ - Medallion (TSX.V: MDL) announces that it has signed a Letter...
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\n\n\n\nTSX-V: MDL\n\n\nVANCOUVER, Dec. 6 /CNW/ - Medallion (TSX.V: MDL) announces that it has\nsigned a Letter Agreement that grants the Company a mineral lease over, and an\noption to acquire 100% of the Lodi Hills ("LH") gold-exploration property,\n1.6 kilometres southeast of Quartz Mountain, Nye County Nevada. The property\ncomprises 39 federal mineral claims covering 780 acres (over three square\nkilometers). The Letter Agreement anticipates that the Company and the Vendor\nwill prepare and execute a definitive mineral lease and option agreement as\nsoon as possible. The definitive mineral lease and option agreement will be\nsubject to the acceptance of the TSX Venture Exchange.\n\n\nThe LH gold-exploration target is located in Nevada's highly productive\nFallon-Manhattan mineral trend, which hosts the major Manhattan, Round\nMountain, and Rawhide gold mines. The target is in an area of hydrothermal\nalteration, prospect pits and dumps and placer gold showings. A reconnaissance\nrock-chip sampling program has outlined a zone of approximately 900 metres by\n750 metres with anomalously high geochemical values of gold and silver. The\nmainly carbonate and andesite host rocks are laced with vein structures and\nintrusive rhyolite. These geological features support the potential for a deep\nmineralized rhyolite-dome gold target.\n\n\nThe Letter Agreement provides for Medallion to obtain a mineral lease on\nthe LH property and an Option to acquire 100% of the property, subject to a 2%\nnet-smelter-return royalty in favour of the Vendor. At execution of the Letter\nAgreement, Medallion paid the Vendor US$5,000 and reimbursed it for\nclaim-filing fees of US$7,603.50. At the acceptance by the TSX Venture\nExchange of a definitive mineral lease and option agreement, Medallion will\npay to the Vendor 50,000 common shares of Medallion. To exercise the option to\nacquire 100% of the property, Medallion must pay to the Vendor\nadvance-minimum-royalty payments as follows: US$20,000 on or before April 30,\n2008, an amount equal to the sum of the last property payment plus US$5,000 on\nor before April 30 of each succeeding year after April 30, 2008 until\nMedallion has paid an aggregate of US$500,000 in advance-minimum-royalty\npayments. Medallion will be the operator of exploration programs on the\nproperty.\n\n\nThe Ocelot and A...