Star Gold Corp
Star Gold Corp. currently leases with an option to acquire unpatented mining
claims located in the State of Nevada which in part make up what we refer to
as the Longstreet Property. The Longstreet Property in its entirety comprises
125 mineral claims (75 original optioned claims, of which 70 are unpatented
staked claims and five claims leased from local ranchers, as well as 50 recently
staked claims by Star Gold, covering a total area of approximately 2,500 acres
(1,012 ha). The Longstreet property is at an intermediate stage of exploration.
The Company has no patents, licenses, franchises or concessions which are considered
by the Company to be of importance. The business is not of a seasonal nature.
Since the potential products are traded in the open market, the Company has
no control over the competitive conditions in the industry.
Star Gold Corp. is an exploration stage mineral company with no producing mines.
Mineral exploration is essentially a research activity that does not produce
a product. As such the Company acquires properties which it believes have potential
to host economic concentrations of minerals, particularly gold and silver. These
acquisitions have and may take the form of unpatented mining claims on federal
land, or leasing claims, or private property owned by others. An unpatented
mining claim is an interest that can be acquired to the mineral rights on open
lands of the federal owned public domain. Claims are staked in accordance with
the Mining Law of 1872, recorded with the federal government pursuant to laws
and regulations established by the Bureau of Land Management. The Company intends
to remain in the business of exploring for mining properties that have the potential
to produce gold, silver, base metals and other commodities.
The Company will perform basic geological work to identify specific drill targets
on the properties, and then collect subsurface samples by drilling to confirm
the presence of mineralization (the presence of economic minerals in a specific
area or geological formation). The Company may enter into joint venture agreements
with other companies to fund further exploration and/or development work. It
is the Company’s plan to focus on assembling a high quality group of mid-stage
mineral (primarily gold and silver) exploration prospects, using the experience
and contacts of the management group. By such prospects, the Company means properties
that have been previously identified by third parties, (including prior owners
and/or exploration companies), as mineral prospects with potential for economic
mineralization. Often these properties have been sampled, mapped and sometimes
drilled, usually with indefinite results. Accordingly, such acquired projects
will have either prior exploration history or will have strong similarity to
a recognized geologic ore deposit model. Geographic emphasis will be place on
the western United States.
The geologic potential and ore deposit models have been defined and specific
drill targets identified the Company’s sole remaining property. The Company’s
property evaluation process involves using basic geologic fieldwork to perform
an initial evaluation of a property. If the evaluation is positive, the Company
seeks to acquire, either by staking unpatented mining claims on open public
domain, or by leasing the property from the owner of private property or the
owner of unpatented claims. Once acquired, the Company then typically makes
a more detailed evaluation of the property. This detailed evaluation involves
expenditures for exploration work which may include rock and soil sampling,
geologic mapping, geophysics, trenching, drilling or other means to determine
if economic mineralization is present on a property.
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