Chris Lotito, CEO of EXLA Resources stated:”We have been working tirelessly on this transformational acquisition for some time and we thank shareholders for their patience.
Hecla’s Midas Mine is located 14 km to the northwest of Rimrock, and it contained an estimated 3 million ounces of high-grade gold and 25 million ounces of high-grade silver.
A small mercury prospect sits directly atop Rhombochasm, similar in nature to the mercury prospect that sat atop the Hollister Mine, which had high-grade epithermal gold below, at a mining centroid elevation of 1,550 metres.
Multi-elemental analyses indicate the gold interval is also elevated with respect to sulfur, selenium, arsenic, antimony, tungsten and molybdenum.
A zone of strong sediment-hosted silver-gold mineralization was drilled into the Eastern Horst Faults area at Silver Hill in 2007 by Kent Exploration, discovering disseminated silver-gold-tungsten mineralization in Palaeozoic mudstone and quarzitic sandstones.
This mineralization could conceivably be a silver-rich halo above Carlin-style gold mineralization at further depth, along the periphery of the Eocene Hatter granitic stock system.
The widest portions of significant alteration are found at the south end in the vicinity of Silver Hill, an area underlain by high grade silver mineralization intersected in the 2007 drill program.
The Shaft Zone Target is a west-northwest trending faulted zone on the southwestern margin of a large flow dome of the Columbus Rhyolite that contains a 19-metre-deep shaft developed in mercury-mineralized silicification.
The Columbus Breccia Target is located in the northeastern part of the Rimrock Property.
In addition to the gold-silver target areas, a large-size 5 by 1.7 km area occurrence of bentonite is covered in part by the central portion of the Rimrock claims, that overlies the gold-silver bearing strata.
The cash contribution shall be satisfied in two instalments with US$25,000 that was paid on completion of this agreement and US$100,000 paid within sixty days of the execution of this agreement.
One hundred percent of the underlying property was optioned from the Redfern family and from Soloro Cobalt and Gold Corporation, which retain a two percent per percent NSR from the Redferns.
Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company’s actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including those relating to the Company’s ability to grow.