The acquisition of Orevada and the option to acquire the Maggie Creek Project, gives U.S. Gold Corp its second promising exploration project in Nevada
Image: US Gold Corp has completed the acquisition of Orevada Metals. Photo: courtesy of Chris Wiedenhoff from Pixabay.
Gold exploration company US Gold Corp has completed the acquisition of Orevada Metals in an all-share transaction.
Orevada Metals, which is a Nevada corporation, is 100% owned by a privately held Canadian company (Orevada). Orevada, which was established in 2018, has an option to acquire a 70% interest in the Maggie Creek project, which is located in the heart of the Carlin Trend and adjacent to Newmont Mining’s 26-million-ounce Gold Quarry mine.
The acquisition of Orevada and the option to acquire the Maggie Creek project is expected to a second promising exploration project in Nevada for U.S. Gold Corp. its.
US Gold Corp CEO and president Edward Karr said: “This is a strategic acquisition for U.S. Gold Corp.; creating a leading exploration company focused on the discovery of Carlin style deposits.
“The numerous gold showings at Maggie Creek within classical stratigraphy and structure that hosts the majority of gold ounces in the Carlin Trend, highlight the significant potential of the property.
“The host rocks and fault structures associated with Gold Quarry extend onto property while the Chukar-Anulite Fault structure, driving the high-grade mineralization at Gold Quarry, projects into the Maggie Creek Property where it intersects the NW structural corridor creating high priority drill targets.
“With this acquisition, U.S. Gold Corp. now controls two promising exploration projects on two of the world’s leading gold trends.”
Drilling at Maggie Creek project will initially test mineralised gold horizons
The drilling of the project will initially test mineralised gold horizons that are projected to down dip into district-scale structures.
The structures are part of a set of structures that focus large gold deposits that includes the Gold Quarry deposit, the 41 million-ounce Betze-Post deposit and the 15 million-ounce Leeville -Carlin deposit within the district.