|NEWMONT MINING CORP /DE/||Public||Monitor ||100%||Leased the property to Victoria Gold Corp (previously Victoria Resource Corporation) and retains a one-time back-in right, exercisable within 90 days after the delivery of a positive FS. Should Newmont exercise this right, it must expend 250% of Victoria's expenditures in order to earn a 51% interest. If it does not, it would receive $1 million plus a sliding scale 3% to 5% NSR, dependent on the price of gold.||August 31, 2007
|Timberline Resources Corporation||Public||Track ||0%||Acquired Sublease property (64 patented, 76 unpatented lode mining claims, 162 additional unpatended lode mining claims.)||June 21, 2012
A reported interest of 0% typically implies the existence of an option agreement.
The Seven Troughs Property consists of three sets of claims in Pershing County, Nevada, USA, as follows (as of Apr/04):
a) 34 patented lode mining claims (6 of which are subject to a 1.5% net smelter returns royalty) and 8 unpatented lode mining claims situate in Sections 12, 13, 23-26, 35 and 36, Township 30 North, Range 28 East, and Section 7 and 19, Township 30 North, Range 29 East, MDB&M, Pershing County, State of Nevada (the “Owned Claims”);
b) 5 patented lode mining claims situate in Sections 25 and 36, Township 30 North, Range 28 East, MDB&M, Pershing County, State of Nevada which are subject to the Option and Purchase Agreement dated effective April 15, 1999, between Western United Mines, Inc., a Utah corporation, and Seven Troughs Joint Venture, a Nevada Joint Venture among Franco-Nevada Mining Corporation, Inc. and Euro-Nevada Mining Corporation, Inc. (the “Optioned Claims”); and
c) Subleased 76 unpatented and 64 patented lode mining claims and leased 162 unpatented claims situate in Sections 12, 13,23-26, 35 and 36, Township 30 North, Range 28 East; and Sections 18, 19, 30 and 31 of Township 40 North, Range 29 East, MDB&M, Pershing County, State of Nevada.
The property is located on the so-called “Sleeper Trend” between the Sleeper Mine and the historical Comstock
District. The recorded historical mining production from the Seven Troughs district, which is completely encompassed by the Seven Troughs Property, is 150,000 tons of material grading 1.2 ounces (~ 41 g) of gold and 4.0 ounces (~ 137 g) of silver per ton. (Jun 20/05)
* Property summary (Jun/05) on document Pa276973.pdf; pp. 46-55.
* Property summary (Apr/05) on document Pa292821.pdf; pp. 39-40.
* Property summary (Apr/04) on document Pa176075.pdf; pp. 63-78.
The property is underlain by a bimodal suite of mid-Miocene volcanic rocks composed of basalt and rhyolite. Large, through-going, northerly, northwesterly and northeasterly structures form a complex zone of extensional tectonics with resulting horst and graben blocks. An area approximately 5 miles long and 2.5 miles wide, lying within the property, has been variably altered by shallow level hydrothermal solutions. Argillic alteration is the most widespread throughout the property, but silicification and propylitic alteration are also present. Gold and silver mineralization is hosted in banded quartz veins as well as in sheared gouge zones. (Jan25/05)