NevGold (NAU.V) has decided to leverage its local know-how and experience in Idaho to stake claims for a total of approximately 20 square kilometers (2,000 hectares) in Idaho’s Washington County. Hercules Silver (BIG.V) made a major copper discovery in the region which immediately attracted gold senior (and copper aficionado) Barrick Gold (GOLD, ABX.TO) invest approximately C$24M in Hercules Silver at a price of $1.10.
While NevGold’s property is located approximately 20 kilometers southwest of the new discoveries made by Hercules Silver, the Zeus property (NevGold elected to remain in the Greek mythology giving the project a name) is directly adjacent to the not-so-Greek ‘Mineral Project’ which is also owned by Hercules Silver. Although all attention was going towards the discovery site, the Mineral Project area also has merit, as indicated by Hercules’ acquisition notification in October last year. And despite being 20 kilometers away from the Hercules project, the USGS mapping program indicates the Zeus project is underlain by the same geology as the Hercules project. This is further confirmed by NevGold’s statement that it has encountered ‘numerous examples of copper mineralization and copper porphyry alteration signatures’.
As NevGold staked the claims, the cost to do so is very low and as the company has committed to remain focused on its heap leach gold projects as well, it will be interesting to see what the plans are for Zeus and we expect to see more details on this soon.
Disclosure: The author has a long position in NevGold. NevGold is a sponsor of the website. Please read the disclaimer.
