The Golden Mile property comprises surface and near surface high-grade gold in two established mineralized zones
Gold Resource has acquired 100% stake in the Golden Mile property in Nevada Walker Lane Mineral Belt from two different business entities for a total consideration of $650,000.
Located in the Bell Mining District, Mineral County, Nevada, the 9,334 acres property comprises 451 unpatented lode mining claims along with 5 patented mining claims in central Nevada’s Walker Lane Mineral Belt.
The high-grade property is the fifth addition to the Gold Resource’s Nevada mining unit, strengthening its land position in the region of the Walker Lane Mineral Belt.
The Golden Mile property comprises surface and near surface high-grade gold in two established mineralized zones.
Under the terms of the acquisition, the sellers retain a net smelter return royalty (NSR) of 3% on future production from the property claims.
The Golden Mile property is an advanced exploration property with district-size potential for expansion of known mineralized zones and new discoveries.
Gold Resource stated: “While the district-size potential has numerous exploration targets, at this point management will focus on the known mineralized zones with high probability resource delineation based on the past third-party drill results and historic preliminary resource estimates.
“With successful follow-up and delineation drilling, Golden Mile could become one of the next mines to be developed from the Nevada Mining Unit after the Isabella Pearl mine. ”
Golden Mile property located close to Isabella Pearl gold mine
Gold Resource said that the property met the company’s acquisition criteria for numerous reasons including high-grade gold drill results, low-cost open pit heap leach project potential, and proximity to the company’s producing Isabella Pearl gold mine for operational synergies, among others.
The Golden Mile is located approximately 23 miles (37km) east-southeast of the Gold Resource’s producing Isabella Pearl mine.
Gold Resource is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, US.