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Linka Project
The Linka Property consists of 40 mineral claims, covering approximately 333 hectares (825 acres), located 24 kilometers (15 miles) southwest of Austin, Nevada. Subject to net smelter royalties, Columbus owns a 100 percent interest in the property.
In December 2006, Columbus Gold entered into a joint venture agreement with privately held Sniper Resources Limited ("SRL") on the Linka Project. Under the terms of the Agreement, SRL can earn an initial 51% interest in Linka by making a combination of cash and share payments to Columbus Gold and by incurring US$2 million in exploration expenditures (collectively on the Linka & Pete's Summit projects) within a five year period.
The Linka Property covers altered outcrops of Ordovician Hanson Creek Formation and Roberts Mountain Formation, which are intruded by a Cretaceous granodiorite. Tungsten was mined at Linka during World War II from tactite in the Hanson Creek Formation. Sampling by Columbus yielded gold values of 0.38 g/t (0.011 opt) across 9.1 metres (30 feet) in a trench near the southerly portion of the property near the old tungsten mines. The lower forty feet of the Roberts Mountain Formation is exposed overlying the Hanson Creek at Linka, and the rest of the formation is covered with shallow post-ore gravels. Major disseminated gold ore bodies at the original Carlin, Cortez, and Pipeline mines are hosted in the Roberts Mountain Formation, and these rocks, which are largely covered, present the main target for significant gold mineralization at Linka.
Geochemical sampling along with careful geologic mapping is planned for Linka. Geophysical surveying (likely CSAMT) to locate buried structures will also be employed. It is likely that these programs will yield targets for drill testing.
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