Mine & Quarry Data

NEW JV AGREEMENT SIGNED ON MIRANDA'S PPM PROJECT

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  • PPM
    Gold
    United States of America
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Miranda Gold Corp. has signed an Exploration Agreement with Option to Form a Joint Venture with Piedmont Mining Company Inc. whereby Piedmont may earn a joint venture interest in the PPM project, located on the north end of the Battle Mountain-Eureka gold trend in Nevada.

Under the terms of the agreement, Piedmont can earn a 55% interest in the property by spending $1,750,000 for exploration activities over a period of five years. A minimum work expenditure of $175,000 is expected in the first year with expenditure minimums increasing in subsequent years. Once the initial earn-in phase of 55% has been reached, Piedmont and Miranda will enter into a Joint Venture agreement for which Piedmont will be the operator.

The PPM project covers 3.6 square miles (9.3 square kilometers) consisting of 116 unpatented lode mining claims. PPM is approximately 12 miles (19 kilometers) northwest of the Twin Creeks Mine on the west flank of the Hot Springs Range. Miranda theorizes that the PPM project covers a geologic setting analogous to that of the major deposits of the Getchell Trend, where combined past production and current resources exceed 23 million ounces of gold from the Twin Creeks, Getchell-Turquoise Ridge, and Pinson deposits. Miranda has identified a pediment-covered gold target along northeast-striking faults, which extends southwest from a sediment-hosted mercury district. The claims are located over an area where those northeast-striking structures intersect gold-in-sagebrush geochemical anomalies proximal to the margin of an inferred buried intrusion. Sediment-hosted mercury occurrences are frequently in close spatial association with sediment-hosted gold systems and were documented previous to modern gold discoveries in the Carlin, Cortez, and Getchell Trends. The mercury occurrences adjacent to PPM may reflect zoning from a primary gold system under pediment near the intrusive margin.