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Explorer Summit Minerals (ASX:SUM) will soon be hunting for silver, gold, lead, zinc, and tungsten in Nevada, this week signing a binding heads-of-agreement to acquire the historic, high-grade Keystone Mine.
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Keystone sits just south of Winnemucca in the U.S. state; the 1,036-acre land package includes 625 acres of patented holdings and mineral claims.
What drew Summit to the acquisition was Keystone’s extensive shallow workings spread, which has yielded gold and silver nuggets in the past.
The historic records from as far back as 1937 show production of 36,000 ounces of silver and 64 ounces of gold from the Nevada mine, averaging 32.2oz/short ton silver (909g/t) and 0.038oz/short ton gold (2.29g/t).
“This project provides a highly prospective entry point into an exciting, emerging precious and critical metals trend within the tier-one, well-established, and mining-friendly state of Nevada,” said Summit’s MD, Matthew Cobb.
“The polymetallic nature [at Keystone] is particularly compelling, and appears to result from the favourable intersection of major gold trends for which Nevada is renowned.
“Importantly, the broader skarn system also includes a mine that was once the largest domestic producer of tungsten in the States, further underscoring the district’s exceptional mineral endowment,” Mr Cobb added.
The trend hosts several precious, base, and critical mineral deposits that Summit will get started on immediately, including the Rochester Mine (host to 9.6Moz gold and 508.7Moz silver and the Springer Mine, which produced as much as 2.9 million tonnes of scheelite-bearing ore between 1914-1982.
There are also numerous other low-sulphidation epithermal, hot-spring, and skarn deposits across the holdings, including Florida, Fondaway, and Panther.
“Our immediate focus will now be on a preliminary fieldwork campaign to validate the historic data, and establish the pathway for the coming year,” Mr Cobb said. “I look forward to keeping our shareholders updated.”
SUM shares have opened at 0.4c each on Tuesday.
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