Columbus Gold Corporation reported that its partner Navaho Gold have begun drilling operations at the Steven’s basin gold project situated at Eureka Mining District of the battle mountain Gold trend of Nevada.
Navaho Gold is expected to earn 51% interest over a three-year term by bearing exploration expenses of about $3 million as well as rendering to Columbus Gold cash and share payments.
The drill program is meant to test surface gold mineralization, which is a measure of presence of gold in rock chips that ranges up to 2.5g/t and a 760 m long open-ended soil irregularity. Geochemical anomaly is a key factor due to its trends, powerful tenor and structural aspects.
The choice and optimization of drill sites is finalized after conducting a ground gravity survey and acquiring airborne magnetic data. The semi-circular Steven’s basin is surrounded by Paleozoic sedimentary rocks which on the northern border mainly comprise Devonian limestone consisting of regions with mineralized intrusive rock and siltstone float.
Columbus Gold is involved in gold mining and operates in French Guiana and Nevada. In Nevada, Columbus gold is known to excellent in generating projects, advancing projects either in collaboration with partners or on its own. The company focuses on places where mining risk is minimal and potential is really good.