Gryphon Gold Signs LAQ On The Easter Gold Property
VANCOUVER, BC - Gryphon Gold Corporation reported that Nevada Eagle Resources, a wholly owned subsidiary of Gryphon Gold, has entered into a letter of intent with option to form a Joint Venture with La Quinta Resources ("LAQ") on Nevada Eagle's Easter gold property.
LAQ can earn a 65% interest in the Easter property over a 5-year period by spending US$2 million in exploration expenditures and making payments to Gryphon Gold of US$190,000. First year terms include a US$30,000 payment (received) to Gryphon Gold and a work requirement of US$100,000. The Easter property has potential for both bulk mineable (open pit) and high-grade underground mineralization, as indicated by historic mining, drilling and surface sampling.
The letter of intent provides that the parties must finalize the terms of the Joint Venture by January 24, 2010. Numerous drilling programs were conducted over the past 27 years by several operators and 109 holes outlined an area of gold mineralization with a strike length of at least 6,450 feet and widths up to 90 feet. Homestake Mining JV partner World Wide Minerals reported (June 20, 1994) a near surface historic resource of 3.35 million tons grading 0.065 ounces per ton gold (218,000 gold ounces) to a depth of 200 feet(1). The only reported production figures are from 1933 when the Easter Mine produced thirty-eight tons of ore at an average grade of 0.951 oz. Au/ton and 3.942 oz. Ag/ton.
The Easter Project is underlain by a quartz-adularia vein stockwork system within Tertiary volcanic rocks of the Caliente Caldron Complex of southeastern
Trace element geochemistry for As (arsenic) and Sb (antimony) show relatively low values similar to other quartz-adularia epithermal vein systems such as the K2 deposit (greater than 2,000,000 ounces gold) in Washington and the Midas deposit (greater than 3,000,000 ounces gold) in northern Nevada.
Gryphon Gold is a Nevada-focused gold exploration and development company. Its principal gold resource, the 1.4 million ounce (377,356 ounces of proven and probable reserves and 1,022,644 ounces of measured and indicated) and 1.1 million ounce (inferred) Borealis deposits, is located in the
The company’s address is