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The Adelaide and Tuscarora properties were farmed out by Atna's wholly owned subsiduary Canyon Resources, to Golden Predator Mines Inc. in February 2008. Golden Predator shall assume the remaining spending obligations on these Properties of $2.75 million over the next four years, while paying Atna up to an additional $1.05 million over that same period. Atna retains a one time production payment on the Properties and an ongoing royalty position.
The Adelaide property which is part of the Gold Run Mining District (active since the late 1870s), is located in northeastern Humboldt County, Nevada, about 18 miles south-east of Winnemucca, at the projected intersection of the Getchell and Battle Mountain-Eureka gold trends.
Atna controls 90 unpatented claims and 75 leased unpatented claims. Approximately 220 percussion and reverse circulation holes and 18 core holes have been drilled in several areas, including the Adelaide-Crown and Margarite veins and the Robbers Knob area.
Lithology consists primarily of Cambrian Preble formation and the Ordovician Valmy formation separated by the Adelaide fault. The property has potential for Carlin style or sediment hosted gold deposits and epithermal gold-silver vein targets. This advanced exploration property has been the focus of exploration over the last 30 years by a number of companies including Newmont. Over the years, various estimates of mineralization and reserves have been announced on portions of this property, which will be the subject of our initial review.
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