Endeavour Silver Corp. has entered into a definitive agreement with Canamex Gold Corp. to acquire a 100% interest in the Bruner property, a gold exploration site, located in Nye County, Nevada approximately 180 km southeast of Reno for US$10 million in cash.
Gold was originally discovered at Bruner in 1906 and the district saw intermittent historic small scale mining between 1906 and 1998. Recent exploration activities by previous operators included mapping, sampling, geophysical surveys and drilling, culminating in a mineral resource estimate in 2015 and a preliminary economic assessment in 2017 outlining a low capital cost, open pit, heap leach mine operation.
Highlights of the property:
- Acquiring a 100% interest totalling 1457 ha on patented and un-patented claims, subject to pre-existing NSR royalties, some of which can be repurchased.
- Ideally located within Nevada’s Walker Lane northwest trending mineral belt currently hosting several producing mines and recent discoveries.
- Readily accessible by paved highway and gravel roads only 25 km from the town of Gabbs, Nevada. High voltage power is available approximately 30 km from the project and water rights have been secured.
- Favourable geology with gold and silver occurring in low-sulfidation epithermal veins and in disseminations within sheeted and stockwork zones. Three gold areas have been outlined within a broad 3 km zone of anomalous gold values.
- Historic resources of 342 000 oz of gold contained in 17.5 million t grading 0.61 gpt in three zones –Paymaster, HRA, and Penelas – as estimated by Canamex Gold. Endeavour has not verified this historic resource estimate and is not relying on it. See below for historic resource estimate qualifications.
- Strong potential to discover additional gold and silver mineralisation amenable to open pit mining, as shown by surface sampling between Paymaster, HRA, and Penelas zones.
- Excellent metallurgy – cyanide leach test results show that each mineralised zone has gold recoveries >85% for 0.75 in. to 3.0 in. crush size with potential for run-of-mine leaching.
- Provides diversification with an advanced stage exploration project in Nevada, USA, a world class, stable mining jurisdiction.
Dan Dickson, Endeavour CEO, comments:
“We are pleased to add an advanced stage precious metals exploration property to our project pipeline. Bruner represents a good start on building an attractive gold-silver portfolio in Nevada and should be an accretive acquisition for our 5-year strategic plan to become a premier senior silver producer, with potential for exploration discoveries, district acquisitions, near-term production, and organic growth.
“Our exploration team will focus initially on verifying the historic resources, then turn its attention to the many exploration targets on the Bruner Property. We look forward to unlocking the full potential of the Bruner Property with the goal of building a new mining operation in another historic mining district in Nevada.”
Read the article online at: https://www.globalminingreview.com/mining/21072021/endeavour-silver-purchases-bruner-gold-project-from-canamex-gold/