Idaho North Resources Signs Lease-Option Agreement for the Danville Property in Nye County, Nevada
2015-05-12 09:00 ET – News Release
RENO, Nev. — (Business Wire)
Idaho North Resources Corporation (OTCQB:IDAH) (“IDAH” or the “Company”) announced today that as part of the Exploration and Mining Lease with Option to Purchase Agreement (“the Agreement”) for the Green Monster Property (see IDAH press release dated November 4, 2014), the Company also acquired the adjacent Danville Property.
The Danville Property is located along the Monitor-Eureka Mineral Belt on the eastern flank of the Monitor Range, approximately 85 miles northeast of the town of Tonopah. The property contains high-grade silver within favorable carbonate rocks along with associated anomalous gold-antimony-barite mineralization. The sediment hosted “Carlin-style” mineralization and alteration at Danville extends south to the Green Monster Property which IDAH also controls.
Previous work at Danville includes intermittent silver production from underground mines dating to the 1860s and continuing until the 1940s. In the modern era, several companies including MK Gold, Mountain Gold Exploration, and Electrum Resources have explored the area, providing useful exploration data including structural geology and geochemical and geophysical surveys. Outcrop chip samples and mine assays from recent and historical reports range up to 83 opt silver and 0.06 opt gold. IDAH is currently compiling all surface geology and geochemistry and will release a table of the more significant silver and gold assays in the near future.
IDAH President Lane Griffin stated, “Danville is an excellent property and its proximity to our Green Monster claim block gives IDAH a dominant position within the emerging Monitor-Eureka Mineral Belt. Our principal target at Danville is a bulk tonnage, disseminated, open-pit silver-gold deposit. Our secondary targets are underground mineralized structural zones hosting very high-grade silver mineralization along fault zones. Next steps at Danville include data compilation, mapping and sampling programs to further refine targets for an anticipated drill program. We are assembling a land package in the newly identified sediment-hosted mineral trend that we believe has the potential to become Nevada’s next large-scale belt for “Carlin-type deposits.”
The agreement between IDAH and Mountain Gold Claims LLC includes the 12 unpatented lode mining claims that comprise the Danville property. Pursuant to the agreement, IDAH will pay certain claim rental fees, make modest annual Advanced Royalty Payments, and conduct exploration according to a Work Commitment schedule. The owner will retain a 2 percent net smelter returns (NSR) royalty on the 12 claims along with a 1 percent NSR royalty on other claims within a surrounding Area of Interest. IDAH can purchase the property from the owner for $5 million prior to or on the fifth anniversary of the effective date of the Agreement, or for $10 million thereafter.
About Idaho North Resources
Idaho North Resources is a U.S.-based junior company exploring for gold, silver, and base metals, primarily along Nevada’s prolific Walker Lane Mineral Belt. The Company has an Exploration Program Agreement with Coeur Mining, under which Coeur will fund, and have exclusive earn-in rights, to certain of the Company’s properties, beginning with the Klondyke Project, near the Hasbrouck gold-silver deposits. The Company also has a long-term lease agreement on the Green Monster project, as well as the Eagleville property, near the Rawhide Gold Mine, where an initial drill program was recently completed.
Idaho North Resources is led by mining professionals with a proven track record of delivering value to shareholders. The Company stock is tightly held, with just 13.7 million shares outstanding, 17.5 million fully diluted. Idaho North Resources is a fully reporting company, listed on the OTCQB under the symbol IDAH.
This press release was prepared under the supervision and review of Lane Griffin, a Registered Member of the Society for Mining, Metallurgy and Exploration, a Licensed Geologist, and a Qualified Person as defined in NI 43-101 and has verified the technical information contained within as valid and authentic.
Cautionary Statement
Except for the historical information contained herein, certain matters discussed in this pressrelease are forward-looking statements which involve risks and uncertainties. These forward-looking statements are based on expectations and assumptions as of the date of this press releaseand are subject to numerous risks and uncertainties which could cause actual results to differmaterially from those described in the forward-looking statements. Forward-looking statementscan be identified by, among other things, the use of forward-looking language, such as the words“plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “may,” “will,”“would,” “could,” “should,” “seeks,” or “scheduled to,” or other similar words, or thenegative of these terms or other variations of these terms or comparable or similar language, orby discussion of strategy or intentions. Such forward-looking statements include, withoutlimitation, statements regarding future business strategy, plans and goals and other statementsthat are not historical facts. Forward-looking statements address activities, events ordevelopments that the Company expects or anticipates will or may occur in the future, and arebased on current expectations and assumptions. Although management believes that itsexpectations are based on reasonable assumptions, it can give no assurance that theseexpectations will prove correct. The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except asmay be required under applicable securities laws.
Contacts:
Idaho North Resources
Lane A. Griffin, 206-790-3346
President
kwajalane@yahoo.com
info@idahonorthresources.com
www.idahonorthresources.com
Source: Idaho North Resources Corporation