AngloGold Ashanti CEO Alberto Calderon
Bullion major AngloGold Ashanti will produce its first gold from the Beatty district, in Nevada, in the next three years, CEO Alberto Calderon said on Tuesday, announcing the conclusion of the $370-million acquisition of Corvus Gold.
The South Africa-based mining company sees Corvus as an opportunity to establish a meaningful, low-cost base in Nevada, in the US.
Through Corvus, AngloGold obtained the North Bullfrog and Mother Lode projects, as well as exploration assets in the Beatty district.
“The combination of Corvus’ assets along with our own neighbouring targets, including Silicon, Merlin and Rhyolite, provides the opportunity for the Beatty district to be a Tier-1 asset,” Calderon said on Tuesday.
Corvus, which will now delist from the TSX, in 2020 announced preliminary economic assessments (PEAs) for North Bullfrog and Mother Lode projects as two standalone mines.
The PEA for a standalone Bullfrog project demonstrated the potential to produce nearly 147 000 oz/y of gold and 400 000 oz/y of silver at an all-in sustaining cost of $737/oz of gold, while the standalone Mother Lode project, about 10 km away, also yielded encouraging results.