Vancouver, British Columbia--(Newsfile Corp. - August 29, 2018) - Vangold Mining Corporation (TSXV: VAN) (OTC Pink: VGLDF) announced the signing of a binding Letter of Intent with Intermont Resources LLC. Vangold is acquiring a 100% interest in Intermont's assets in Northern Nevada, which encompass 18 mineral properties, most of which are located near or adjacent to known gold deposits or mines.
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The newly acquired properties, comprising 5,548 mining claims, totaling over 46,000 hectares, are outlined in red, with selected mines and known deposits shown in blue. Please watch video for more details.
Seven priority properties are located along strike on mineral-controlling structures at Sleeper, Sandman, Spring Valley, Relief Canyon, Twin Creeks, Phoenix and Hollister. The targets and the nearby deposits are a mix of low sulfidation epithermal vein gold/silver deposits, Carlin-type sediment-hosted gold deposits and Phoenix-type copper-gold skarn deposits.
Five projects have approved drilling permits, are fully bonded with the Bureau of Land Management, and ready to drill. The Intermont properties were generated by integrating regional tectonic analysis with geophysics, geochemistry and geobotany.
Many targets are on pediment, concealed beneath shallow gravel. Examples of such concealed pediment ore bodies include Pipeline, a 20 million-ounce gold resource Carlin-type deposit along the Cortez trend and Sleeper, a 7 million-ounce gold resource low-sulfidation epithermal vein deposit, in the Awakening district.
In 2016, Nevada's production of gold accounted for 81.4% of the U.S. total and helped make the U.S. the fifth-largest leading gold producer in the world. Nevada alone accounted for 5.4% of the world's production of gold.
Intermont has 950 mining claims, totaling more than 7,900 hectares, near the Sleeper gold deposit, which will be among the first drilling priorities for Vangold.
Cameron King, CEO, stated: "We are pleased with the results of our negotiations and finalizing the acquisition for a highly scientific selection of properties. The data indicates a strong potential for significant deposits in several of these anomalies."
Terms of the acquisition include an initial cash payment of US$100,000 and US$200,000 in Vangold common shares, with an additional US$400,000 of Vangold shares issued over 24 months. Principals of Intermont will retain a "Success Fee" based on realized gold production.
The Intermont properties were generated by founder and president M. C. Newton, III, PhD, CPG, an economic geologist with more than 30 years' experience in mineral exploration. Dr. Newton has held senior technical and management positions with several mineral resource companies and consulting firms and will join Vangold to manage exploration on the Nevada properties and lead the development of Vangold's Mexican projects.
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