Nevada Footprint Expanded With Acquisition Of Momentum Minerals
VANCOUVER - IM Exploration Inc. has entered into a binding Letter of Intent (LOI) with Momentum Minerals Ltd. to acquire all of the issued and outstanding shares of Momentum by way of a three-cornered amalgamation). Momentum is currently earning in to a 100% ownership position in the Turquoise Canyon Property, which lies to the immediate east of IM's Toiyabe Gold Project. The Transaction will be completed by way of a three-cornered amalgamation under the Business Corporation Act (British Columbia) (BCBC") among IM, Momentum and a subsidiary to be incorporated under the BCBCA which will be wholly-owned by IM (IM Subco).
Raymond Harari, CEO, said, "We are extremely pleased that we've come to an agreement to add another highly-prospective property to IM, in one of the top mining jurisdictions in the world. We welcome all current Momentum shareholders and are excited to continue unlocking value through the combined company."
The Turquoise Canyon Property is compromised of 188 unpatented lode claims in Lander County, Nevada and lies within the Battle Mountain – Eureka Trend, a 280 by 40-kilometer corridor known for hosting multiple large Carlin-type gold deposits. The property is located approximately 20 kilometers south of Barrick's North Pipeline Mine and 14 kilometers south-west of the Cortez Mine. Turquoise Canyon lies to the immediate east of, and contiguous to, IM's Toiyabe Project.
Turquoise Canyon currently encompasses approximately 3,872 acres. In addition to the existing property area under option with First Mining, Momentum has staked an additional 9 claims totaling approximately 186 acres by the northern end of the property where an unclaimed gap existed between Toiyabe and Turquoise Canyon. Those claims are 100% owned by Momentum with no underlying future commitments. The consolidated land package upon closing of the Transaction will cover an area of approximately 7,358 acres, including 3,300 acres of the Toiyabe Project.
A 43-101 Technical Report was prepared for Turquoise Canyon in February of 2021 by Ethos Geological. Exploration to date includes two IP lines, a gridded gravity survey, rock and channel sampling, geological mapping, and drone-based aerial mapping. IP lines resolved the boundary of the conductive Lower Plate underlying the Upper Plate, and sampling and mapping confirmed metal enrichment along prominent structures.
Upper Plate siliciclastic and Lower Plate carbonates form the regional geology. The Lower Plate hosts the majority of gold production in the Battle Mountain – Eureka Trend, in structurally and stratigraphically-controlled replacement bodies of disseminated gold mineralization referred to as Carlin-Type Gold Deposits. The assemblage of carbonate rocks to the west and southwest of the property have been mined in the past (Toiyabe-Saddle Mine) and drill tested (IM's Toiyabe Project), and dips to the east / northeast towards Turquoise Canyon. At Turquoise Canyon, the Upper Plate has been stacked over the prospective Lower Plate carbonates along the Roberts Mountain Thrust. Mineralization within the Upper Plate is exposed in outcrops, trenches, pits and cuts long a 2.5-kilometer altered zone with turquoise veining, indicating the potential for buried mineralizing systems within the Lower Plate at depth (Ethos Geological, 2021).
The Technical Report recommended that future exploration work at Turquoise Canyon consist of drill-testing the roots of the altered zones for feeder conduits that may have brought mineralization up along steep structures from the underlying carbonates. Prior to confirming anticipated drill targets, Momentum has planned an exploration program for the summer of 2021 that will consist of 13.5 line-kilometers of Induced Polarization (IP) through Toronto-based consulting firm Simcoe Geoscience, which will enhance the suite of available geological information at the property. Simcoe will also be analyzing all legacy data for reprocessing, modeling, and interpretation.