Pershing Resources Company, Inc. Invests in Gold-Silver Projects in Central Nevada
July 11, 2018 at 07:56 am IST
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Pershing Resources Company, Inc. announced that it has agreed to acquire ownership interests in two Central Nevada gold-silver mineral properties located in Central Nevada’s active mining districts from Americas Gold Exploration, Inc. (AGEI). The West Bolo Project is located within the Hot Creek Range, about twelve miles north of the Tybo Mining District. The Tonopah SIN Project is located in the world class Tonopah Mining District. Both projects have strong potential for discovery of major gold deposits. The company has issued a total of 13,770,000 restricted common shares to AGEI and a private partner as the transaction consideration for exclusive earn in rights on the West Bolo and Tonopah SIN Projects. AGEI will be the operator and manager of both projects. Pershing Resources has purchased the rights to earn-in up to 70% ownership of both projects over a five-year investment and development plan in which the Company will invest up to five million dollars in each project. The investment schedule for each project calls for a first-year investment of $250,000 and will follow a development plan with a budget that steps up incrementally as exploration and development activity increases each year. Pershing Resources will have oversight and right of review of all expenditures on the projects. The development and investment programs will culminate with the completion of a “bankable feasibility study” for each project by the end of 2024. Surface sampling, mapping, geophysical studies and eventual drill testing are planned for 2018 and 2019 on both projects. In addition, Don McDowell, President of AGEI, has stepped into a senior advisory role with the company on exploration and project management matters. The West Bolo Project currently covers an unpatented claim group of approximately 3 square miles with several large, outcropping Carlin Style gold exploration targets as well as multiple structural gold-silver targets. The Project is immediately adjacent to similar projects currently owned by Allegiant Gold, Newmont and, a joint venture between Coeur-Rochester & Renaissance Gold. Historical data along with more recent exploration data compiled by AGEI including assay and drilling documentation indicates that the Project contains geologic, geophysical, and geo-chemical signatures like those in many large Carlin style gold deposits. The Tonopah SIN Project currently covers two separate epithermal hot springs related gold exploration targets immediately southeast and adjacent to West Kirkland’s Hasbrouck & Gold Mountain Deposits. The Project includes outcroppings of possible gold bearing hot springs sinter’s and chalcedonic veins within the Siebert Tuff formation, which is the primary host rock at West Kirkland’s Hasbrouck & Three Hills Gold Deposits. The SIN-Divide portion of the Project is contiguous with the Gold Mountain Project Area recently acquired by West Kirkland and hosts gold bearing hot springs sinters and areas of pervasive silicification in the Siebert Tuff.
Pershing Resources Company, Inc. is a mineral exploration company. The Company is focused on the discovery of copper, (Cu), gold, (Au), and silver, (Ag), mineral deposits in Arizona and Nevada. Its projects include Arizona Projects and Nevada Projects. The New Enterprise Project is the Companyâs lead project and is situated within the Laramide porphyry copper province. The New Enterprise project includes 375 unpatented mining claims totaling 7,747.5 acres of senior claim rights and includes four mine sites referred to as the: Enterprise, Jewell Tunnel, Century, and Standard Mines. The Arizona Projects is located within the Laramide Arc, which is host to a number of porphyry mines and between the Mineral Park Mine and the Bagdad Mine. The Nevada Projects include Klondyke and West Bolo. The West Bolo Project is located within the Hot Creek Range, within Nye County, approximately 10 miles north of the Tybo Mining District and 65 miles northeast of Tonopah, within central Nevada.