Gold mining company K9 Gold signs an agreement for potential acquisition of Newmont's Trinity Silver Project, permitting exploration.
K9 Gold Corp. to Initiate Comprehensive Review of Trinity Silver Price Project
K9 Gold Corp. has announced plans to delve into a thorough analysis of historical data and create an updated database for the Trinity Silver Price Project in Nevada. This initiative will leverage artificial intelligence and satellite imagery for structural patterns analysis, followed by additional drilling leading to an updated mineral resource estimate.
The Trinity Silver Price Project, spanning approximately 14,523 acres (5881 hectares) of owned and leased land, is situated on the western flank of the Trinity Range, a range formed during Tertiary extension of the Basin and Range Province.
The project area is rich in Tertiary volcanic and sedimentary rocks, as well as Quaternary sediments. A thin Tertiary rhyolite sequence can be found along the central north-south axis of the property. The principal host rocks for mineralization in the Trinity mine area include rhyolite porphyry, aphanitic rhyolite, and volcaniclastic rocks.
The best-represented pre-Cenozoic deformation in this area is the Jurassic and Cretaceous Nevadan Orogeny, which resulted in low-grade regional metamorphism, variably directed folding, and thrust faulting. A notable example of this period's culmination is a Cretaceous granodiorite stock just northeast of the Trinity project.
Silver, lead, and zinc mineralization occur in fractures and bedding planes in Tertiary rhyolite in the hanging-wall block of the fault zone. Mineralization at the Trinity project is controlled by a northeast-trending zone of normal faults.
The project is the site of a historic open pit - heap leach silver mining operation and includes both oxide and sulphide mineralization. The oxide mineralization has an inferred resource of 6,430,000 tons with a contained silver of 7,287,000 ounces. The sulphide mineralization has an inferred resource of 19,790,000 tons with a contained silver of 21,165,000 ounces.
K9 Gold Corp. has entered into an Exploration Agreement and an Option to Purchase and Sales Agreement with Newmont USA Limited regarding the Trinity Silver Price Project. Under the terms of the agreement, K9 will pay USD $50,000 and issue 100,000 common shares on the Effective Date as rental payment for the Properties during the first 12-month period of the Agreement. On or before the first anniversary of the Effective Date, K9 will pay an additional USD $100,000 and issue 300,000 common shares as rental payment for the Properties during the second 12-month period of the Agreement.
The Agreement is subject to a mineral production royalty at a rate of 2% Net Smelter Return. K9 has the option, at any time prior to commercial production, to purchase one-half of the royalty for a payment of $3,500,000. The purchase of the Properties from Newmont will cost a one-time payment of USD $350,000 and the issuance of 700,000 common shares of K9.
This new endeavour is set to bring fresh insights and potentially significant developments to the Trinity Silver Price Project, furthering K9 Gold Corp.'s mission to explore and develop gold and silver projects in North America.
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