Northstar Gold Corp. (CSE: NSG) announced in a press release today that it has signed a non-binding memorandum of understanding (“MOU”) with China-based Hunan Nonferrous Geological Exploration Institution Pvt. Ltd.
The MOU grants Hunan Nonferrous the opportunity to explore and develop a near-surface NI43-101 gold mineral resource at Northstar’s 100%-owned Miller Copper-Gold Property, located 18 kilometers southeast of Kirkland Lake, Ontario, through diamond drilling up to 10,000 meters. This will allow Hunan Nonferrous to earn a negotiated interest in the resultant NI43-101 gold resource.
Early this month, Northstar provided access to Hunan Nonferrous to their Miller Property gold exploration database by way of a confidentiality agreement for due diligence purposes. Hunan Nonferrous has since formally accepted an invitation letter from Northstar and has assigned a team of specialists to mobilize to Canada to conduct due diligence site inspections of Northstar’s New Liskeard and Earlton, Ontario offices, core shack facilities and nearby Miller Copper Gold Property in early October, at its own expense.
Immediately following these site visits, Northstar and Hunan Nonferrous will enter good faith negotiations to finalize the Project’s earn-in terms, scope, and timeline. The goal is to formalize a binding “Cooperative Agreement” for the development of the gold mineral resource at the Miller Copper-Gold Property.
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