Another joint mining venture is in the making as two Canadian companies have agreed to explore for gold, silver and vanadium at the intersection of the Battle Mountain and Getchell Gold Trends in Nevada.
Victory Metals announced Friday that it has entered into an option agreement with Ethos Gold for precious metal rights at the Iron Point Vanadium Project.
“High priority, deep gold/silver drill targets have been proposed by Dr. Quinton Henningh, who will oversee the drilling program at Iron Point as technical advisor to Ethos,” Victory Metals stated in a release.
Hennigh, chairman and president of Novo Resourses Corp., is an economic geologist with more than 25 years of exploration experience with major gold mining firms including Homestake Mining Company, Newcrest Mining Limited and Newmont Mining Corp., according to Bloomberg.com.
Victory plans to target vanadium as a priority. The rare element is used in steel alloys for products such as high-speed jet engines.
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“Iron Point has been the focus of over $20M of historical gold exploration by key operators including Newmont, Chevron Resources, Santa Fe, Kennecott, and Newcrest,” said Victory Metals Executive Chairman Paul Matysek.
“Anomalous gold has been found in many places near surface, as well as significant intercepts indictivate of Carlin style gold mineralization.”
The company was formed last year after discussion with Henningh “sparked the realization of the presence of vanadium” at the site.
“We are delighted to have come to an agreement with Victory to pursue a drill program targeting Carlin style gold mineralization at Iron Point, and as well to have Dr. Quinton Henningh on board to guide and oversee this drill program,” said Ethos Chairman Craig Roberts. “The substantial work at Iron Point and new interpretation by Dr. Henningh has defined this new conceptual Carlin style target and we are very excited to be moving forward with drilling to test this model. We anticipate commencing drilling at Iron Point in the very near future.”