The Pamlico gold project located in Mineral County has been sold to Colombian Mines for $4-million after it struck a purchase option with the private party who owns the project.
Colombian Mines said in their press release, “Visible gold dominated the high-grade mineralization that occurred in thoroughly oxidized and brecciated quartz vein’s. Historic drill holes contained high-grade gold intercepts.”
The Pamlico property is situated about 12 miles southeast of Hawthorne. It is situated along the Walker Lane, which according to Colombian Mine is one of Nevada’s largest and most productive gold trends.
The property has 116 unpatented lode mining claims in the historic Pamlico group of underground mines that includes: Good Hope, Central, Gold Bar and Sunset mines.
Recent work completed by the seller include 29 completed rotary drill holes in the main zone, a haul road, initial permitting and surface and underground infrastructure.
Under the terms of the deal, Colombian Mines has obtained the sole option to buy 100 percent undivided interest in the property by paying the seller $4-million in cash including advance minimum royalties and production royalties of four percent within four years of by paying $7.5 million in cash, including advance minimum royalties and production royalties as long as yearly payments are equal to or exceed $250,000.