OceanaGold to earn into Nevada gold project

16th April 2019 By: Creamer Media Reporter

Australia-based midtier miner OceanaGold has struck an earn-in deal in Nevada, in the US, with American Pacific Mining (APM), in terms of which it could hold a controlling interest in the Tuscarora project.

OceanaGold will earn a 51% stake by spending $4-million over the next four years, and will have an option to earn an additional 24% by investing $6-million over another four years.

OceanaGold will be the operator and, upon earning-in an interest, a joint venture (JV) management committee will be formed.

“This announcement adds excitement to the project and the company as we enter a new exploration season. OceanaGold is the perfect partner in our eyes, especially with the success they have had at Waihi in New Zealand—a similar high-grade epithermal system. For a company of our size, this transaction is a big milestone,” comments APM CEO Warwick Smith.

The agreement with APM is OceanaGold’s second Nevada JV announcement in as many months. In December, the company finalised an agreement to earn up to a 75% interest in TSX-V-listed Bravada Gold’s Highland gold/silver project along the Walker Lane Gold trend.