Under the terms of the deal, the Canada-based new gold exploration company will purchase Liberty Gold’s 79.1% stake in Kinsley Gold
Barrian Mining has signed an agreement to acquire the Kinsley Mountain gold project from Liberty Gold in Nevada, US.
Pilot Gold, a completely owned subsidiary of Liberty Gold and operator of exploration at Kinsley Mountain, holds a 79.1% interest in the project, and Nevada Sunrise, through a wholly-owned US subsidiary, holds a 20.9% interest.
Under the terms of the deal, the Canada-based new gold exploration company will purchase Liberty Gold’s stake in the Kinsley Gold, a limited liability company that owns the project.
Kinsley Gold holds ownership and leasehold rights in and to 513 unpatented claims and 5 leased patented claims of the project, spreading across 4,187ha.
Kinsley is host to a past-producing mine
Located in southeast Elko County, Nevada, nearly 90km from Long Canyon, Kinsley is host to a past-producing mine with a widespread exploration database and several, untested gold targets.
According to Barrian, the project is home to a Carlin-style, sedimentary rock-hosted gold deposit located south of Nevada gold mines’ Long Canyon deposit, with a stratigraphic and structural setting and gold mineralisation similar to other sedimentary rock-hosted gold systems in the underexplored area east of the Carlin Trend in northeast Nevada.
Barrian Mining CEO and co-founder Maximilian Sali said: “The acquisition of the Kinsley Mountain gold project from Liberty Gold will give Barrian a NI-43-101 mineral resource with 80 % of this project unexplored to allow for potential further high-grade discoveries.
“Kinsley has previously produced 138,000 ounces of gold in the mid to late 90s and Liberty has engaged in a number of drill programs since 2015 and we have engaged an independent Qualified Person to complete a NI 43-101 technical report on the project.”
According to Liberty Gold’s technical report dated effective 15 October, the Kinsley Mountain project consist of a 5.53 million tonne Indicated Resource containing 405,000 ounces of gold at a grade of 2.27 grams-per-tonne (g/t) gold and a 3.36 million tonne Inferred Resource containing 122,000 ounces gold at a grade of 1.13 g/t gold.