Sign up USA
Proactive Investors - Run By Investors For Investors

Gold Resource Corp buys County Line project in Nevada for US$300,000

The property is around 14 miles north east of the Isabella Pearl Project and becomes the fifth property in GORO's Nevada mining unit
road
The County Line project is in Nevada

Gold Resource Corporation's (NYSE:GORO) Nevada unit has bought a 100% interest in the County Line project in Nevada for USS$300,000 from Ely Gold Royalties Inc (CVE: ELY).

"This is the third high-quality project we have sold to Gold Resource for their Nevada Mining unit," said Jerry Baughman, the president of the subsidiary, which sold the project.

"In anticipation of receiving their final mine permit for the Isabella Pearl project, Gold Resource has acquired long lead-time equipment including a new crushing plant as well as new radial stacking and conveying equipment.

"They have also placed an order of an ADR (absorption, desorption, regeneration) plant, which is over 95% complete and expected to be delivered in mid-2018.

"Ely Gold holds royalties on the key exploration and expansion claims at Isabella Pearl as well as royalties on the historic resources at Mina Gold and County Line, both within hauling distance of Isabella."

The property is around 14 miles north east of the Isabella Pearl Project and becomes the fifth property in GORO's Nevada mining unit.

Ely's subsidiary will retain a net smelter returns royalty of 3% on the property.

GORO will have the right to buy-down 1% of the NSR for a total purchase price of US$1mln.

County Line is part of the Paradise Peak collection cluster of high sulphidation epithermal deposits.

The district historically produced a total of 1.5mln ounces of gold and 38.9mln ounces of silver, while the County Line open pit historically produced around 81,000 ounces gold and 760,000 ounces silver.

The Porphyry (East) Pit, which is 2,500 feet south east of the County Line pit, produced around 7,400 ounces of gold and 8,000 ounces silver.

While both open pits represent exploration targets, other targets include "Newman Ridge" and the "Jackpot Zone".

County Line covers an area of around 429 hectares (1,060 acres) and consists of 53 unpatented lode mining claims and one unpatented placer mining claim.

GORO shares in New York nudged 0.46% lower at US$4.34 each.

View full GORO profile View Profile

Gold Resource Corporation Timeline

Related Articles

1527013932_santana1.jpg
May 22 2018
The combination of strong management and stable assets makes the precious metals company one to watch as it continues to extend its reach
picture of mine interior
August 09 2018
Caledonia retains operational control of Blanket and ownership of 49% of the mine in Zimbabwe
Picture of drilling rig at Bira prospect
May 13 2018
The Samira greenstone belt hosts the 2.5-million ounce Samira Hill gold deposit across the border in Niger.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use