Vault Strategic Mining (TSX-V:KNOX) has entered into a definitive mineral property purchase agreement with two arm’s length vendors to acquire the historical Mirage-Mariposa Tungsten Mine located within the Gray Eagle Project in the US.
Mirage-Mariposa comprises 33 contiguous unpatented lode claims totalling 681.8 acres located 10km east of Bishop, California. The project hosts multiple mineralised prospects developed along a granite-limestone contact — a geological environment associated with tungsten skarn mineralisation and hydrothermal precious metal vein systems.
Under the deal, Vault Strategic will pay US$380,000 ($525,021) in staged payments to the vendors, as well as grant a 2% net smelter return royalty in favour of the vendors.
The completion of the transaction remains subject to securing approval from the TSX Venture Exchange.
CEO Quinn Field-Dyte says the company is “excited” to add the project to its portfolio, given its combination of tungsten and precious metals in a historically identified skarn environment.
“With multiple mineralised zones and no modern drilling, we see a clear opportunity to apply modern exploration techniques to confirm, better define, and potentially expand the system,” Field-Dyte says.
According to records by the US Geological Survey, Mirage-Mariposa has a historical resource of 21,000 indicated tonnes and 34,400 inferred tonnes, with an average grade of 0.15% tungsten trioxide.
Records also describe historical underground and surface-related workings, including a shaft in the ‘glory hole’ reported to be 17 feet deep, a 40-foot wide ‘glory hole’, and 70 feet between the west end of the underground workings at the shaft and the headwall.
Vault Strategic Mining is a North American resources company focused on acquiring and advancing strategic and critical mineral projects.
Write to Aaliyah Rogan at Mining.com.au
Images: Vault Strategic Mining
