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Firetail secures option to acquire two high-grade USA gold projects

Firetail Resources Ltd. has secured exclusive options to independently acquire two high-grade gold projects located in Nevada and South Dakota, USA.

The company has entered into a binding option agreement with Athena Gold Corp for the exclusive right to acquire 80% of the Excelsior Project in Nevada, and 100% of the Bella Project in South Dakota.

The Excelsior Springs Project is located in Nevada within the Walker Lane Trend, which has produced over 40 million ounces of gold. The trend hosts multiple past, current, and pre-development gold mines including the AngloGold Ashanti Silicon/Merlin Project, Kinross Gold Corp.’s Round Mountain Mine, and the Comstock Project. Excelsior has a history of high-grade production, with the Buster Mine producing over 19,000 ounces at 41 grams per tonne gold. Modern exploration has defined a target area with a current strike length of 3.5 kilometres and a width of 200 to 400 metres of intense silica and clay alteration and has reported multiple significant high-grade gold drill intercepts which warrant follow-up exploration. Geophysics, lithology mapping, and sampling support further mineralised trends across the wider mineral claim.

The Bella Project is located in South Dakota within the Homestake Gold Belt, which hosts approximately 85 million ounces of historic and current production. Stratigraphic correlation with the Homestake Mine has concluded that the Banded Iron Formation sequences at Bella are the pre-tectonic strike extension of the Homestake Mine sequence. In other words, prior to faulting and offset, the Bella Project was part of the Homestake Mine sequence. The mineralisation is typically focused around structurally thickened hinges of Banded Iron Formations with enriched zones observed to host substantial amounts of pyrrhotite.

Firetail’s Managing Director, Glenn Poole, commented:

“The acquisition of such high-calibre gold assets will complement our current portfolio and leverages off the board’s strengths, enabling us to diversify our exposure to the prevailing strong gold and copper prices. The Excelsior Springs Project represents an advanced, drill-proven opportunity with gold from surface, and the mineralisation remaining open in all directions with the potential to deliver an expedited resource – reinforced by the presence of further historic mines within the mineral claim that highlight the potential precious metal endowment of the area.

“The Bella Project sits in the shadow of a giant, with the Homestake Mine being one of the most notable in modern history. The evidence we see on the ground – of extensive mineralisation-hosting Banded Iron Formation and multiple, significant grades occurring across the wider project area – is highly encouraging. The opportunity to follow up on multiple, extensive, historically producing trends that have not been drilled in the modern era in a district known for its size and scale is hugely exciting.”

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