Pilot Gold has proclaimed that High Desert Gold (HDG) has concluded its earn-in option agreement for the Gold Springs gold project at the boundary of Nevada and Utah.
The Earn-in and Option Agreement has been signed by HDG to bear $1 million in exploration expenses and $160,000 payable to Pilot Gold. The requirements have been fulfilled and a completion notice was produced in order to confirm that HDG has been offered with an earn-in option and approved by Pilot Gold. Pilot Gold has chosen to take part at a 40% interest in a recently formed Gold Springs. By the completion of the earn-in agreement and signing an operating contract, the interests of every company in Gold Springs will be communicated to Gold Springs.
So far, HDG has drilled 1,569 m, totaling 16 reverse circulation (RC) holes and 276 m, totaling two diamond drill holes and completed an extensive ZTEM geophysical survey at Gold Springs. It is expecting the RC drilling results by late July.
The CEO and President of Pilot Gold, has stated that HDG and Pilot Gold are working together to develop the Gold Springs property. Gold Springs offers a main position to Pilot Gold together with the Stateline, Brik and Easter properties in the emerging Stateline District.
The exploration platform of Pilot Gold in Nevada contains three low- sulphidation, gold-mineralized epithermal systems, Viper, Regent and Brik and a molybdenum-copper porphyry property, New Boston. At present, drilling program is ongoing at all the four projects. Moreover, the company has six further Nevada properties and compelling drill targets to support future development.
Source: http://www.pilotgold.com/