Goldcorp agrees to sell interest in Nevada project to Premier Gold
TORONTO (miningweekly.com) – Gold mining major Goldcorp has entered into a binding letter of intent to sell its 40% interest in the South Arturo project, 8 km north-west and along strike from Barrick Gold’s Goldstrike operations, within the Carlin Trend in Nevada, to TSX-listed Premier Gold Mines.
Under the agreement, Premier would pay Goldcorp $20-million in cash at closing and a further 5% interest in the Rahill-Bonanza joint venture (JV), in Red Lake, Ontario, subject to Barrick not exercising its right of first refusal on the project and completing definitive documentation.
In parallel with the divestiture, Goldcorp had agreed to complete a private placement with Premier of C$12.5-million, subject to TSX approval.
The acquisition was expected to close by the end of May.
Should Barrick exercise its right of first refusal in the project, Goldcorp had agreed to pay Premier a break fee.
The South Arturo deposit contained proven and probable reserves, on a 40% basis, of 1.14-million tonnes, grading 4.4 g/t gold for 161 000 oz of gold. It also contained 243 000 oz of silver at a grade of 6.62 g/t.
Measured and indicated resources, also on a 40% basis, stood at 30.47-million tonnes, grading 1.3 g/t gold for 860 000 oz, and 4.39-million ounces of silver at a grade of 6.67 g/t.
Premier pointed out that the near surface openpit-style mineralisation had been delineated in several areas and two deeper target areas had the potential to host higher-grade, underground-style mineralisation, including East Dee and Northeast Button Hill. These areas would be core drilled this year to further derisk and test potential for additional mineralisation.
The South Arturo ore would be trucked mainly to Barrick's Goldstrike mine for processing.
The South Arturo project is a JV between Goldcorp, a 40% owner, and Barrick, a 60% owner and the operator of the project.
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