Penny Stock North Springs Resources Corp. (OTCBB: NSRS.OB) announced that it has commenced phase one exploration at the Imperial Gold Silver Property in Esmeralda County, Nevada, located about 150 miles northwest of Las Vegas in the Railroad Springs Mining District (the “Imperial Property”). Phase one exploration expenditures at the Imperial Property are expected to exceed $250,000 in 2012.
“We are thrilled to be able to announce that we have already completed an initial sampling program at the Imperial Property so early in the year. This, along with the North Springs Property in Nevada and the Goldstar Property in Arizona, make three currently active exploration programs underway for the Company,” stated Harry Lappa, President of North Springs.
“In the western portion of the Imperial Property, high-grade gold and silver vein targets were sampled at the old Imperial Mine workings to confirm historic assay results. Several samples were collected there over 460 feet in the Lower Adit and over 200 feet in the Upper Adit. In the eastern portion of the property, we collected several more surface samples from the high-priority Resource Target. We will send the samples into the laboratory for immediate testing and intend to release the assay results as soon as they become available.”
The Imperial Property consists of 24 unpatented mineral claims covering approximately 480 acres and includes the historic workings of the high-grade Imperial Mine. Previous exploration has identified four high-priority target areas at the Imperial Property; Imperial Fault Target, Jasperoid Breccia Target, IP Target, and Resource Target. The phase one exploration plan for the Imperial Property outlines a four month $250,000 exploration program that will include geochemical and environmental studies, followed by a reverse-circulation drilling program intended to test previously identified mineralized zones and potentially increase the 50,000 ounce gold resource estimate made by previous operators.
Mr. Lappa continued, “The Imperial Property is a vital component in our exploration portfolio because it has many of the key characteristics we look for in a potential mining project, including close proximity to historic production, clearly defined exploration targets, and a strong possibility for additional gold discoveries. We will continue to move forward with exploration at Imperial and other North Springs projects with the goal of creating shareholder value and becoming a significant gold producer as soon as possible.”
Further updates regarding the Imperial Gold/Silver Property and other North Springs projects will be made as additional information becomes available.
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