POINT ROBERTS, WA–(Marketwired – July 25, 2017) – Investorideas.com, a global news source covering leading sectors including mining stocks, released a snapshot of two gold mining companies that have acquired property in the Gold Bar area of Nevada, both North and South and the potential at stake for US Gold Corp. (NASDAQ: USAU) and McEwen Mining Inc (NYSE: MUX).
According to a report in Science Daily that looked at a model for how Nevada gold deposits formed, “This Nevada gold boom started in 1961 with the discovery of the Carlin gold mine, near the town of Carlin, at a spot where the early westward-moving prospectors missed the gold because it was too fine-grained to be readily seen. Since the 1960s, geologists have found clusters of these “Carlin-type” deposits throughout northern Nevada. They constitute, after South Africa, the second largest concentration of gold on Earth.”
A rising player in the Nevada gold play, US Gold Corp. (NASDAQ: USAU) announced earlier in July that it had completed the acquisition of the Gold Bar North (GBN) mining claims. The Gold Bar North Property consists of 49 unpatented lode mining claims in Eureka County, Nevada. The only financial obligation required to maintain these claims are the annual federal and county fees.
GBN is a highly prospective gold exploration property, identified and staked by Dave Mathewson. GBN consists of 49 unpatented lode mining claims situated in Eureka County, Nevada, in Sections 29, 30, 31 and 32, Township 23 North, Range 49 East, and Sections 5 and 6, Township 22 North, Range 49 East, Mount Diablo Base Line and Meridian.
Dave Mathewson, Vice President and Head of Nevada Exploration for US Gold Corp. believes the GBN property is a continuation of the same trend and system as Keystone and therefore synergistic. Keystone is positioned on the prolific Cortez gold trend, one of the world’s leading gold producing regions.
In their recent press release he also stated, “The Gold Bar district is highly prospective with McEwen Mining’s (NYSE: MUX) Gold Bar Development Project and Gold Bar South property nearby.”
Mihaela Iancu, Head of Investor Relations at McEwen Mining Inc. (NYSE: MUX) talked to Investor Ideas about the Gold Bar Project.
“Gold Bar is a proposed mine project which, if constructed, would consist of a conventional open pit mine with an oxide gold heap leach recovery circuit. The property is located in the southern Roberts Mountains within the Battle Mountain-Eureka-Cortez gold trend, approximately 30 miles northwest of Eureka, in Eureka County, central Nevada and covers an area of 37 square miles (97 sq km) contained in 1,196 claims. The property was previously mined from 1987 to 1994 by Atlas Precious Metals Inc. The Gold Bar project is currently in the permitting phase, which commenced in 2012. In October, 2015 we published a Feasibility Study on the property.”
“Highlights of the proposed Gold Bar mine:
– Owner operated open pit mine with run-of-mine oxide heap leach processing;
– Estimated initial capital expenditures – $60 million;
– Pay-back period – 3 years at $1,150/oz Au, 2 years at $1,300;
– After-tax IRR – 20% at $1,150/oz Au, 36% at $1,300/oz Au;
– Average annual production of 75,000 oz Au at cash cost of $728/oz Au;
– 6 years Life of Mine ore production of 13 M tons at a diluted grade of 0.032 opt (1.1 gpt) Au
– Updated in-pit resource estimate: 611,000 oz Measured & Indicated and 111,000 oz Inferred;
– Total operating cash costs per tonne of ore – $18.06 (mining – $11.71, processing – $5.3, general & administrative – $1.05).”
Mihaela notes, “The Gold Bar South Property was purchased in 2016 due to its close proximity to the Gold Bar Project. Its near surface deposit is approximately 3 miles (5 km) to the southeast of the main ore bodies of the Gold Bar Complex. The deposit is similar to other sedimentary-rock hosted gold deposits in Nevada in that disseminated and oxidized gold mineralization occurs in the Webb Formation and Devils Gate Limestone lithologies. Our objective is to develop Gold Bar South into a satellite resource that can contribute to the production from the Gold Bar Mine by adding to the later years of mine production. The company intends to initiate permitting on Gold Bar South after a positive Record of Decision is delivered for Gold Bar. The property also has additional exploration potential beyond its current 120,000 oz Au resources.”
Mihaela also went on to say, “For 2017 we allocated $2 million for the completion of the permitting activities at Gold Bar. The Bureau of Land Management has incorporated the public comments from the Draft Environmental Impact Statement into the Final Environmental Impact Statement. Permitting continues to advance as planned and remains on schedule, with a Record of Decision expected in Q3, 2017. $37.2 million are allocated for initial stage construction to start in 2017, immediately upon obtaining the permit. Completion of the initial stage construction of the mine will take about 10-12 months and will provide us with a ramp-up production of 9,000 oz Au in 2018, further to which production at Gold Bar will move to 75,000 oz Au per year.”
US Gold Corp. (NASDAQ: USAU) is a featured mining stock on Investorideas.com
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http://www.investorideas.com/CO/USAU/
Article source https://www.sciencedaily.com/releases/2011/02/110203124822.htm
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