Canadian mining company Seabridge Gold on Wednesday announced that it would buy the Goldstorm project in northern Nevada, about 3 km to the east of its "very valuable" Snowstorm property.
The Goldstorm property, which Seabridge would acquire for 25 000 of its own shares, consisted of 134 mining claims and 1 160 leased acres, totalling about 15.9 km2.
Seabridge chairman and CEO Rudi Fronk noted that the Goldstorm acquisition provided potentially valuable targets of its own, as well as insights into the northern Nevada Rift targets on the east side of the Snowstorm property.
“Snowstorm is a very valuable exploration asset for us and it will be a primary focus for our exploration team this year, including our first drill programme on the project expected to begin later this summer. In preparation, we have staked additional claims where available. The Goldstorm purchase fits our strategy of expanding our footprint in these highly prospective gold trends where we intend to be a significant player.”
Snowstorm’s 80.3 km2 of land-holdings are strategically located at the projected intersection of three of the most important gold trends in northern Nevada: the Carlin Trend, the Getchell Trend and the Northern Nevada Rift Zone.
Snowstorm is contiguous, and on strike, with several large, successful gold producers including Getchell/Turquoise Ridge and Twin Creeks in the Barrick-Newmont Nevada joint venture and Hecla Mining’s Midas operations.
Exploration on the Snowstorm project is being supervised by senior VP William Threlkeld.