Idaho North Resources Signs Lease-Option Agreement for the Green Monster Property, in Nye County, NV
Idaho North Resources (OTCQB:IDAH) (“IDAH” or “the Company”) announced today that it has signed an Exploration and Mining Lease with Option to Purchase Agreement (“the Agreement”) for the Green Monster gold-silver property in Nye County, Nevada.
The Green Monster property is located along the newly identified Monitor-Eureka Mineral Belt and includes three separate target areas within two distinct precious metals systems. The Main and Wagon zones lie within a sediment-hosted “Carlin type” gold system, while the Dry Creek Zone represents a volcanic-hosted, caldera margin “Round Mountain type” gold-silver system.
Previous operators including Chevron, Placer Dome, Electrum Resources, AuEx Inc. and Eldorado Gold completed several million dollars of exploration and drilling over the last several decades, including 107 shallow drill holes. The bulk of exploration was conducted by Placer Dome in the 1980s and that data is not currently available. The best drill intercepts from available data sources include 55 feet of 0.036 ounces per ton (opt) gold (including 10 feet of 0.11 opt gold), 30 feet of 0.023 opt gold, 20 feet of 0.029 opt gold, and 20 feet of 0.026 opt gold. The property has excellent road access for future drilling and Plan of Operation drill permits either completed or near completion at each of the target areas.
IDAH President Mark Fralich stated, “We believe that the Green Monster property has the potential to host a multi-million ounce disseminated gold deposit, presenting an exploration scenario with similar potential to the Long Canyon discovery which Newmont Mining acquired in 2011. We are very pleased to acquire a lease-option on this exciting prospect.”
The Agreement between IDAH and Mountain Gold Claims LLC covers 91 lode claims that now comprise the Green Monster property. Pursuant to the Agreement, IDAH will pay certain current claim fees, will make modest annual Advanced Royalty Payments, and will be held to modest annual work commitments. The vendors will retain a 2-percent net smelter returns (NSR) royalty on the 91 claims, along with a 1-percent NSR royalty on other claims within a surrounding Area of Interest. IDAH can purchase the property from the vendor 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 in Nevada. The Company has long-term lease options on the Eagleville gold-silver project south of Fallon and the Klondyke and Divide silver-gold projects near Tonopah. The Company also recently finalized an Exploration Program Agreement with Coeur Mining, under which Coeur will fund, and have exclusive earn-in rights, to certain of the Company’s central Nevada projects. Idaho North Resources is a fully reporting company, listed on the OTCQB under the symbol IDAH.
This news release contains certain forward-looking statements within the meaning of the Federal Securities Laws. Such statements are based on assumptions that the Company believes are reasonable but which are subject to a wide range of uncertainties and business risks. There are many factors that could cause actual results to differ from those anticipated.
Idaho North Resources
Mark A. Fralich, President, 509-928-7604
Cell: 503-313-2586
mafralich@gmail.com
info@idahonorthresources.com
www.idahonorthresources.com
