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Tuesday, 11th April 2006 (5194 views)

The Molycor Gold Corporation has announced the acquisition of a large gold-rich property on Silverado Mountain, Nevada.

The site, located in the Pinto Mining district and consisting of 169 claims, has had silver and lead production in the area since 1885.

From 1866-1964 the area yielded around 53.6 tonnes of gold, 1,200 million tonnes of silver and 283,575 million tonnes of lead.

In recent years, Carlin-type gold deposits were found in the area, sparking a renewed wave of interest in the area.

Molycor purchased the site from Tim Neal and James Marin for the sum of $20,000 (US) and 300,000 free trading common shares in the Canadian corporation.

Reconnaissance mapping and detailed rock sampling is expected to begin with immediate effect.

Molycor, based in British Columbia, currently holds resource properties in the United States and Canada, and has stated its intention "to seek and acquire additional properties worthy of exploration and development."

Director and president of the company, Edward Lee, said he was "pleased to announce the acquisition".

 

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