Minaurum Gold Inc. Acquires Lone Mountain Project, Enhancing Nevada Mining Footprint
- Minaurum Gold Inc. acquires a 100% interest in the Lone Mountain project, enhancing its position in Nevada's mining sector.
- The Lone Mountain project has an inferred resource of 3.26 million tonnes, highlighting its potential for significant contributions.
- Minaurum plans to leverage synergies from the Lone Mountain project alongside its Alamos silver project to drive operational efficiencies.
Minaurum Gold Inc. Secures Lone Mountain Project: A Strategic Acquisition in Nevada’s Battle Mountain-Eureka Trend
Minaurum Gold Inc. announces its decision to exercise an option to acquire a 100% interest in the Lone Mountain carbonate replacement deposit (CRD) project, solidifying its foothold in one of Nevada's most promising mining regions. The acquisition is a key development for the company, following a formal notice to Nevada Zinc Corp. The Lone Mountain project, which spans 1,850 hectares, is notable not only for its strategic location in the Battle Mountain-Eureka Trend but also for its substantial historical mineral resource estimates. The project boasts an inferred resource of approximately 3.26 million tonnes, with an impressive average grade of 7.57% zinc and 0.70% lead, highlighting its potential to contribute significantly to Minaurum's portfolio.
The project has shown promising drilling results, including a highlighted interval of 118.87 meters with a grade of 9.58% zinc and 0.74% lead. These results align with the findings of a Preliminary Economic Assessment (PEA) conducted in June 2019, which suggests an attractive internal rate of return of 35% after tax. Minaurum's President and CEO, Darrell Rader, emphasizes that the Lone Mountain project holds considerable potential for silver and gold mineralization, presenting a unique opportunity for value creation alongside the company's flagship Alamos silver project. This dual focus on silver and base metals positions Minaurum favorably within the mining sector, tapping into diverse market demands.
The terms of the acquisition reflect Minaurum's strategic approach to growth, involving the issuance of common shares valued at $1 million to Nevada Zinc Corp., alongside a cash payment of $100,000. This transaction is subject to customary conditions, including the requisite approval from the TSX Venture Exchange. By consolidating its interests in the Lone Mountain project, Minaurum not only enhances its asset base but also aligns its operational focus with regions that demonstrate historical productivity and high mineralization potential.
In addition to its acquisition strategy, Minaurum Gold Inc. continues to bolster its exploration efforts in the region. The synergy between its projects is expected to amplify operational efficiencies and streamline resource development. This consolidation of resources reflects a broader trend in the mining industry, where companies seek to maximize value through strategic acquisitions and partnerships.
As Minaurum Gold Inc. moves forward, the Lone Mountain project is poised to play a crucial role in the company's growth trajectory, reinforcing its commitment to exploring and developing high-potential mineral assets in one of North America's most prolific mining districts.