Nevoro Inc. Options 50% Interest in Golden Loon Project to Black Panther Mining Corp.
Nevoro Inc. has entered into an option agreement with Black Panther Mining Corp. whereby Black Panther has been granted an option to earn up to a 50% interest in Nevoro’s interest in the 3,709 hectare, Golden Loon Ni-Co-PGE-Au project, located 80 km north of Kamloops, British Columbia. Nevoro acquired the right to earn a 100% interest in the Golden Loon Project through its recent acquisition of Sheffield Resources Ltd. in July 2008.
According to the Option Agreement, Black Panther can earn a 50% interest in the Golden Loon Project by making cash payment totalling $100,000 on or before September 2, 2009; and by making exploration expenditures totalling $1,000,000 by the second anniversary of the signing of the agreement.
Nevoro’s interest in the Golden Loon Project is through an agreement entered into by Sheffield with Tilava Mining Corporation (“Tilava”) whereby Nevoro has a right to earn up to 100% in the Golden Loon Project. Tilava has given its consent to the Option Agreement with Black Panther. Tilava owns a 100% interest in the Golden Loon Project subject to a 3% net smelter return royalty (“NSR”) held by a third party. The NSR is purchasable for $1,500,000. Nevoro, through Sheffield, has the right to acquire 100% of Tilava’s interest by making cash payments totalling $475,000, issuing 440,000 Nevoro shares and spending $1,050,000 on exploration in three stages.
Historical exploration at the Golden Loon Project, including limited drilling, geochemical and geophysical surveys, has identified encouraging nickel-cobalt and PGE mineralization in ultramafic rocks underlying the property.
The Golden Loon Project has been explored by major and junior mining companies searching for copper, nickel, platinum and gold. Cusac Gold Mines Ltd., while following up on a 13.8 g/t platinum sample in 2001-2003, identified areas with anomalous nickel and cobalt in soils that correlated with IP chargeability highs, believed to be caused by sulphide mineralization. A limited drill program covering a very small portion of the prospective intrusive body testing an IP chargeability high near the suspected source of the high-grade platinum sample intersected long intervals of low-grade nickel and cobalt mineralization including 66.9 m averaging 0.17% Ni and 0.016% Co; 154.6 m averaging 0.16% Ni and 0.013% Co; and 154.6 m averaging 0.16% Ni and 0.012% Co. Petrographic analysis of the core identified pyrrhotite and pentlandite among the sulfide minerals present.
The qualified person under National Instrument 43-101 responsible for all technical data reported in this news release is Mr. David Jenkins, former president and CEO of Sheffield and a consultant to Nevoro Inc.
Nevoro is a TSX-listed exploration and development company focused on the discovery of precious and base metals primarily in the western USA. Nevoro is currently drilling on its Stillwater nickel-copper-cobalt-PGE-chromite project in Montana and the Moonlight copper project in California. Nevoro also holds 11 gold and base metal exploration projects in Nevada and Idaho.
For more information, please visit the Nevoro Inc. website at www.nevoro.com.
