Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
LAS VEGAS, NEVADA–(Marketwire – Sept. 14, 2011) – North Springs Resources Corp. (OTCBB:NSRS) (“The Company”, “North Springs”) is pleased to announce that it has recently acquired the mineral rights to the North Springs Gold Property, which is located in the prestigious Mineral Ridge Mining District, Esmeralda County, Nevada USA. The decision to acquire this property was a strategic decision by the Management of North Springs Resources to create a corporate identity and direction.
“The North Springs Gold Property is located in one of the premiere mining regions in Nevada and we are committed to exploring the potential of this property,” stated Harry Lappa, President of North Springs Resources. “The North Springs Gold Project currently has well defined drill targets based on geologic mapping and surface sampling; presently demonstrating excellent potential to discover a world-class gold deposit. Management intends on aggressively growing the company, and with the recent increase in gold prices, we want to build a strong gold exploration company around properties with a strong possibility for a significant gold discovery. We believe that this acquisition is just the beginning for North Springs Resources.”
The North Springs Gold Project is located about 10 miles northwest of Silver Peak, Nevada on the west side of Mineral Ridge. The land package consists of approximately 36 unpatented federal lode mining claims that cover two separate areas, the Roadrunner Block and the Coyote Summit Block. The geology at North Springs is similar to that of the nearby Mineral Ridge Mine, and indeed, may actually be a continuation of the same gently-dipping, sheet-like body which hosts gold mineralization at the Mineral Ridge Mine.
Both the North Springs Gold Property and the Mineral Ridge deposits are situated along a regional northwest trending, large anticline known as the Mineral Ridge Metamorphic Core Complex. This complex contains extensive high-grade gold veins (52 miles of underground workings on low-angle veins) and stacked, low angle, shear zones which has been open pit mined in several deposits. The Mineral Ridge deposits contain a current resource of 500,000 ounces gold. The North Springs Gold Property occupies very similar geology, alteration and mineralization, geochemistry and structural setting to the Mineral Ridge deposits, though there is no resource estimate known at this time. Sampling to date has identified gold mineralization up to 0.8 ounces per ton from surface workings. The North Springs Gold Project contains several untested gold targets that include open-pit, disseminated mineralization and high-grade shear zones and feeder veins, such as those that have been mined by several mining companies at the nearby Mineral Ridge deposits.
For additional information, please visit www.northspringsresources.com.
