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Altan Nevada Announces Lease Agreement with Gold Resource Corporation on Radar Property in Nevada
TSX.V: ANE VANCOUVER , Sept.10, 2014 /CNW/ - Altan Nevada Minerals Ltd. (TSX.V: ANE)...
About this update from Helius Minerals Limited
[{"type":"text","content":"\n\n\n\n\nTSX.V: ANE\n\n\n\nVANCOUVER, Sept.10, 2014 /CNW/ - Altan Nevada Minerals Ltd. (TSX.V: ANE) (\"Altan Nevada\" or the \"Company\") is pleased to announce that it has entered into an Agreement with  a wholly owned subsidiary of  Gold Resource Corporation (NYSE MKT: GORO), a low-cost gold producer with operations in Mexico  (\"Gold Resource Corp\"), on 178 out of 204 unpatented lode mining claims covering approximately 88.7% (3,550 acres) of Company's Radar Gold-Silver Project (the \"Property\" or \"Radar\") situated in Mineral and Nye Counties, Nevada, whereby  Gold Resource Corp, subject to meeting certain annual payment and work expenditure requirements,  has the option to purchase a 100% interest in the Property for $US 1,500,000, with Altan Nevada retaining a 3% Net Smelter Return royalty.\n\nEvan Jones, Altan Nevada's President & CEO, stated: \"We are delighted to have partnered with a well-resourced and low cost producer to advance Radar.\" \n\n\"As shareholders will be aware, the ability for junior explorers such as Altan Nevada to raise capital to fund a significant drilling program is prohibitively dilutive in the current market environment. As such, by entering into this agreement, our shareholders will be able to participate in the drilling of a project that we otherwise may not have been in a position to evaluate for some time.\"\n\n\"This is the second property that Altan Nevada has secured a partner to advance in the past twelve months. This independently validates our view that the company's exploration portfolio is compelling.\" \n\nRadar\n\nRadar is a high-sulfidation epithermal precious metals project located in the productive Walker Lane mineral belt in western Nevada. The project covers an area of approximately 4,070 acres directly adjacent to the past producing Paradise Peak gold-silver mine and approximately 2 km from the Paradise Peak mill, currently in care and maintenance. FMC Gold Company operated Paradise Peak from 1986 to 1993, producing 1.53 million ounces of gold and 40.7 million ounces of silver from several open pits. The ore deposit was a Miocene high-sulfidation epithermal gold-silver system hosted by silicified ash-flow tuff. \n\nAltan Nevada has spent over $US 1.1 million in exploration at the Property since 2006 including detailed geologic mapping, geochemi...