- Precious metals explorer and aspiring producer Oakdale Resources (OAR) is set to purchase the Alpine Resources Gold Projects in Nevada
- The gold projects include Lambarson Canyon, Douglas Canyon and Tonopah North
- Drill permits have been approved and drilling is expected to commence at the Lambarson and Douglas projects soon
- The drilling is targeting Carlin and epithermal type gold deposits in Nevada, which is ranked the World Top three mining jurisdiction by Fraser institute
- Oakdale has also announced it has appointed experienced geologist, Tony Greenaway, as the company’s General Manager of Geology
- Company shares are up 33.3 per cent on the market this afternoon and are trading for 0.8 cents
Precious metals explorer and aspiring producer Oakdale (OAR) is set to purchase the Alpine Resources Gold Projects in Nevada, U.S.
The gold projects include Lambarson Canyon, Douglas Canyon and Tonopah North.
Under the deal, Alpine shareholders will be issued 30 million Oakdale shares and within seven days of the option exercise date, Oakdale will pay Alpine over US$54 million (around A$74 million).
This payment is for Alpine to pay all of its outstanding expenses and creditors relating to the gold projects that was occurred during the due diligence.
Oakdale will also undertake an exploration and drilling program on any of the Gold Projects. This program will include a minimum of two holes and it will have to pay for all drilling and exploration costs.
Once the exploration period expires, Oakdale will have to either issue a further 80 million shares to Alpine shareholders or facilitate the transfer of the gold projects back to the shareholders.
Alpine has drill permits approved at the Lambarson Canyon and Douglas Canyon Projects. Final planning is underway at the projects to drill test compelling gold targets, siteworks is planned to commence in early September at Lambarson.
The drilling is targeting Carlin and epithermal type gold deposits in Nevada, which is ranked the “World Top 3” mining jurisdiction by Fraser Institute.
Drilling at Lambarson includes five-diamond drill-holes that will focus on testing interpreted Carlin Style mineralisation, while drilling at Douglas will include two diamond drill holes designed to test beneath two separate outcropping high-grade epithermal vein systems.
General Manager of Geology
Oakdale has also announced it has appointed, Tony Greenaway, as its General Manager of Geology.
He is a highly experienced geologist with over 23 years of experience with operations in Australia, Africa, South America, Central America, and Asia.
“Tony’s areas of responsibilities will cover exploration, geological technical overview and operational implementation,” the company told the market.
Oakdale is up 33.3 per cent on the market this afternoon and is trading for 0.8 cents per share at market close.