Posted in | News | Gold | Mining Business

Auric Mining Signs LOI to Buy Homestead Tonopah Gold in Nevada

By Joel ScanlonMay 5 2011

Auric Mining has signed a Letter of Intent (LOI) to purchase Homestead Tonopah Gold, which is situated at Carson City in Nevada.

Homestead Tonopah Gold holds a 50% interest in significant gold bearing assets near Tonopah in Nevada, through the joint venture agreement. The location of this property is in Walker Lane area of the Basin and Range physiographic district. Three well-known deposits enclose this property. In early 1990, Phelps Dodge had conducted some exploration on the property and identified 100,000 ounces of gold but it was not continued further.

Different public mining firms had explored this property in mid 1990s and have spent considerable funds for exploring the prospect. It was predicted that the property holds at least 200,000 ounces of gold having a worth of approximately $280 million. Gold was identified during the drilling process. But, due to the lack of additional funds for deeper drilling, gold price had decreased. If drilled deeper, the property possess excellent potential. There exists a chance of combining the property with one of the contiguous properties to make the prospective of a 500,000+ ounce ore body.

Source:

http://www.auricminingcorp.com/

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

APA
Scanlon, Joel. (2019, February 18). Auric Mining Signs LOI to Buy Homestead Tonopah Gold in Nevada. AZoMining. Retrieved on November 25, 2024 from https://www.azomining.com/News.aspx?newsID=4043.
MLA
Scanlon, Joel. "Auric Mining Signs LOI to Buy Homestead Tonopah Gold in Nevada". AZoMining. 25 November 2024. <https://www.azomining.com/News.aspx?newsID=4043>.
Chicago
Scanlon, Joel. "Auric Mining Signs LOI to Buy Homestead Tonopah Gold in Nevada". AZoMining. https://www.azomining.com/News.aspx?newsID=4043. (accessed November 25, 2024).
Harvard
Scanlon, Joel. 2019. Auric Mining Signs LOI to Buy Homestead Tonopah Gold in Nevada. AZoMining, viewed 25 November 2024, https://www.azomining.com/News.aspx?newsID=4043.