Eurasian Minerals has signed a definitive agreement with Glass Earth Gold for the acquisition of its Neavesville gold-silver property on New Zealand’s North Island.
The agreement outlines the option for Glass Earth to acquire the wholly-owned subsidiary EMX which controls the property, under a program of staged payments, work obligations including a 5000 metre drill program and immediate reimbursement of Can$85,567 in exploration costs.
The Neavesville property consists of two exploration permits totalling more than 30sqkm that cover two main centres of epithermal gold-silver mineralization. The largest of these is Trig Bluffs and has a 2001 near-surface inferred resource of 3.2 million tonnes @ 2.7 grams/tonne gold and 8.9 grams/tonne silver, for 289,000 ounces of gold and 944,000 ounces of silver. A separate higher-grade historic inferred mineral resource of 470,000 tonnes @ 7.1 grams/tonne gold and 20.7 grams/tonne silver, containing 107,000 ounces of gold and 312,000 ounces of silver, was reported for mineralization at depth beneath Trig Bluffs.
Glass Earth’s chief executive officer Simon Henderson says, “Neavesville offers the opportunity to have management and control over the development of a significantly advanced gold /silver project, with an already established (historic) resource. Our immediate objective is to update and improve the potential of the existing Trig Bluff resource.”
Neavesville is in the vicinity of Glass Earth’s other Hauraki goldfield projects - WKP, Glamorgan, and Waihi West - and Newmont’s Martha Hill gold-silver mine is 25km to the southeast.
The property takes in two exploration permits which host an historic underground mine and shallow open cut mine which produced intermittently from 1875 to 1940. Several exploration companies have conducted work in the area, including Normandy, Homestake and Amoco. Work conducted by previous operators includes 63 diamond holes totalling more than 8900 metres of drilling, more than 1400 rock samples, soil sampling grids and numerous campaigns of geophysical surveys.