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JNC Resources Signs Option Agreement With Great Basin Resources to Acquire 100% Interest in the Imperial Property in Nevada
VANCOUVER, BC / ACCESSWIRE / June 22, 2020 / JNC Resources Inc. (the "Company") is pleased to announce that it has signed an option agreement (the "Agreement")
About this update from Metalite Resources Inc
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / June 22, 2020 / JNC Resources Inc. (the \"Company\") is pleased to announce that it has signed an option agreement (the \"Agreement\") with Great Basin Resources (\"Great Basin\") to acquire 100% control and interest in the Imperial Project in Nevada. The Imperial Property is located in Esmeralda County, Nevada, which has been a prolific mining area in the state. The Property is in close proximity to the town of Goldfields, where gold production occurred in the early part of the 20th century. Under the terms of the Agreement, the Company can earn a 100% interest in the Imperial Property by making cash payments totaling US $270,000 over seven years ($10,000 in the first year) and incur minimum exploration expenditures totaling US $4,300,000 over seven years ($50,000 in the first year). Great Basin will maintain a 3% net smelter return royalty on the Imperial Property. Based on exploration data provided by Great Basin and reviewed by the Company's chief geologist, the Imperial Project presents three major, predominantly gold, targets for exploration. The first target, along the Imperial Fault, contains high grade veins and lower grade decalcified rock in the area of previous mining. The second target is an IP anomaly which has no previous drilling. The third target is a zone where the favorable host rock has dipped under other units, but jasperoids at surface show fluids have flowed through the favorable host at depth. There is potential for both high grade veins and Carlin style mineralization in this area, which has also never been drilled. Also of interest are the high copper values found in the eastern portion of the project area, where some porphyry copper exploration was done in the 1960's. An intrusive at depth could have Battle Mountain style (Fortitude) gold deposits surrounding it. Due to covid 19 related travel restrictions, the Company expects to retain Great Basin as the operator of the initial drill program which the Company intends to fund this summer. Great Basin is led by its President, Mr. Richard Kern, M.Sc, P.Geo, who prior to forming Great Basin Resources Inc., co-founded MinQuest Inc. in 1998 and managed significant gold discoveries at Fire Creek and Longstreet, Nevada and at Moss, Arizona. Mr. Kern held positions with several major mining companies before starting his own compan...