US Gold Corp. has completed the acquisition of the Gold Bar North (GBN) mining claims. The Gold Bar North (GBN) property consists of 49 unpatented lode mining claims in Eureka County, Nevada. The only financial obligation required to maintain these claims are the annual federal and county fees.
GBN is a highly prospective gold exploration property, identified and staked by Dave Mathewson, vice president and head of Nevada Exploration. Mathewson believes that GBN is an important strategic addition to the US Gold's Keystone district project.
“In early 2016, I expanded the Gold Bar North holding from the original 19 core claims that I held to a total of 49 claims, which now more completely cover the GBN gravity and magnetic high and associated permissive carbonate horst,” Mathewson said. “GBN is clearly online with the Gold Bar and Mill Site gold deposits located within the permissive carbonate Gold Bar horst farther to the south.”
The Gold Bar deposit was composed of 3.95 million metric tons (mt) at a grade of 2.95 g/mt with a 1.5:1 waste ore strip and 90% gold recovery in an oxide CIL mill. Gold Bar was mined out by Atlas Corp. from 1987-1992. The geology/stratigraphy of GBN is very similar to that of both Keystone and Gold Bar.
The Gold Bar district is highly prospective with McEwen Mining’s Gold Bar development project and Gold Bar South property nearby. “The acquisition of Gold Bar North represents a continued, methodical growth strategy for US Gold Corp.,” said Edward Karr, president and CEO, US Gold Corp. “The property is very synergistic for our flagship Keystone district-scale project and provides an additional exploration upside for a potential discovery. By consolidating the entire Keystone district on the world-class Cortez Trend and adding this nearby additional Nevada high-potential exploration property, we are hopeful of future potential discoveries.”