https://www.miningweekly.com

AngloGold signs staggered option to buy US exploration property

4th July 2017

By: Martin Creamer

Creamer Media Editor

     

Font size: - +

JOHANNESBURG (miningweekly.com) – American exploration company Renaissance Gold (RenGold) has signed an agreement with AngloGold Ashanti North America for an option to buy an exploration property northeast of Beatty, in Nye County, Nevada.

RenGold, a gold/silver-focused exploration company that trades on the TSX Venture Exchange in Canada, says on its website that the option agreement provides for a series of payments to RenGold, beginning with $100 000 on signing, $200 000 a year later, $300 000 on the second anniversary of the option agreement and finally $2.4-million on its third anniversary.

On paying $3-million, AngloGold will own a 100% interest in the property, while RenGold and Altius Minerals Corporation will retain 1% and 1.5% net smelter return royalties respectively on future production.

The North American  business unit of the Johannesburg-listed AngloGold may withdraw at any time during the option period, with no retained interest.

The so-called Silicon property, which has 277 unpatented mining claims on 2 308 ha, hosts a low-sulfidation, epithermal gold system, silica and prospects for mercury.

Past producing gold properties in the area include Bullfrog, Sterling, Fluorspar Canyon and Mother Lode and currently active nearby is Corvus Gold’s North Bullfrog project.

RenGold executive chairperson and CEO Ronald Parratt states that the agreement, which provides RenGold with a nondilutive source of cash to fund ongoing operations, complements the company’s usual earn-in-to-joint-venture approach.

Edited by Creamer Media Reporter

Comments

Showroom

Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.074 0.108s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: