D'Aguilar Gold Limited (ASX:DGR) Advises That Navaho Gold Negotiates Rose Mine Project
Under the terms of the agreement, Navaho Gold can earn an initial 51% interest in the Rose Mine project by incurring exploration expenditures of US$3 million over a four-year period, with the first year's commitment being US$150,000. Navaho Gold will then have the option and right to earn a 70% interest in the Rose Mine project by either producing a bankable feasibility study in six years or by spending an additional $6,000,000 over 6 years, at a rate of not less than $1,000,000 per year. Navaho Gold paid RenGold US$17,529 on signing for reimbursement of claim fees and lease payments.
The Rose Mine project property contains numerous carbonate-hosted jasperoids that have consistently returned multi-ounce silver values (up to 2,050 ppm) along a zone over one kilometre in length. In addition, there are areas of bleached limestone that have returned anomalous gold (up to 0.58 ppm) with anomalous pathfinder element values. Previous drilling conducted on the property returned anomalous values in gold (including 44m averaging 0.26 g/t Au and 3.1 g/t Ag from 24m depth) supporting further exploration. The currently producing Ruby Hill heap leach gold mine operated by Barrick Gold Corp (TSE:ABX) (NYSE:ABX) is located approximately 12 km northeast of the Rose Mine property.
ABOUT NAVAHO GOLD
Navaho Gold is a partially-owned subsidiary of ASX listed D'Aguilar Gold Limited. Navaho Gold is clearly focused on the exploration and development of "Carlin" style gold mineralisation. Navaho Gold has identified three areas in Queensland, Australia as highly prospective and holds six (6) granted and twenty (20) applications for exploration permits covering more than 7,000 km2 (2,700 mile2) in the Georgetown, northern Bowen Basin and Texas areas of Queensland. Navaho Gold is also currently assembling a highly prospective gold portfolio within the 200 million ounce Carlin/Battle Mountain-Eureka trends in Nevada, USA. Navaho Gold has recently completed a seed capital raising and commenced preparation of a prospectus ahead of a proposed IPO and ASX listing as soon as practical.
Navaho Gold is headed by Mark Dugmore (ex BHP (NYSE:BHP) global base metals manager). Each member the Board and Management of Navaho are highly experienced resource industry professionals with a demonstrated track record in the discovery, project development and financing of precious and base metal projects.
ABOUT RENAISSANCE GOLD
Renaissance Gold is a gold/silver exploration company that has a large portfolio of exploration projects in Nevada, Utah, Argentina and Spain. The majority of the projects are in exploration earn-in agreements with industry partners who provide exploration funding. Renaissance Gold applies the extensive exploration experience and high-end technical skills of its founders to search for and acquire new precious metal exploration projects that are then offered for joint venture.
About DGR Global Limited
DGR Global (formerly D’Aguilar Gold Limited) (ASX:DGR) is focused on generating exploration and development companies in a wide array of minerals.
Projects are conceived directly through the skills and experience of D’Aguilar’s accomplished team of exploration geoscientists (with an enviable track record), not by the costly purchase of properties. Each project or exploration strategy is held in a separate subsidiary.
Focused and specialist management is then engaged in the subsidiary, with project specific finance raised in the subsidiary – faster and less dilutive to D’Aguilar. As the subsidiary project develops and starts to derisk the subsidiary is separately capitalised (seed raisings followed by an IPO).
Investors can choose to invest specifically in a particular project/commodity, or by investing in D’Aguilar, invest in the resource company generating business which retains a significant carried interest in each project.
D’Aguilar projects tend to be very large, targeting new provinces with the potential to make world-class discoveries. The exploration concepts are often novel. While increased metal prices and advances in technology can turn former sub-economic deposits into viable projects, D’Aguilar subsidiary projects frequently emerge from detailed reassessment and reinterpretation of large databases – looking at things from a new angle and with a different focus using state of the art techniques. The D’Aguilar Directors and Managers have in the past applied new exploration models to extensive tenement areas which have led to identification of new mineral provinces and the discovery of nationally significant resources. Similar efforts are now being dedicated to D’Aguilar.
Renaissance Minerals Limited
DGR Global Limited
BHP Billiton Limited
Barrick Gold Corporation