Nevada Gold Mines in asset exchange with i-80 Gold Corp • Rock Tech engages Niigaani Drilling at Georgia Lake

news Nevada Gold Mines in asset exchange with i-80 Gold Corp

“An asset not being utilized by NGM has become a transformational asset for i-80”

Nevada Gold Mines has agreed with i-80 Gold Corp to consolidate the South Arturo property in exchange for Lone Tree and Buffalo Mountain properties.

NGM currently owns 60 per cent of the South Arturo Joint Venture, and will acquire the remaining 40 per cent, along with a low-cost option to acquire the adjacent Rodeo Creek exploration property, in exchange for the Lone Tree and Buffalo Mountain properties and infrastructure which are currently in care and maintenance. The exchange transaction will have an effective date of 1 June 2021. “This is a win-win transaction for both Nevada Gold Mines and i-80,” said Greg Walker, executive managing director of NGM. “Through the acquisition of Lone Tree, an asset not being utilized by NGM has become a transformational asset for i-80. In return, NGM’s acquisition of i-80’s 40% of the South Arturo Joint Venture secures additional ounces with both open-pit and underground optionality for our Carlin operation. We are excited for the opportunities and growth this deal will bring to both parties which will strengthen the mining industry in Nevada, providing benefits for all.”

“We are pleased with the progress at the Georgia Lake Project in the first half of 2021 and have commenced a Pre-Feasibility Study which is expected to be concluded in Q1 2022,” said Bob MacDonald, General Manager of the Georgia Lake Lithium Project. “We have engaged Niigaani Drilling to complete our 2021 drill programme with the focus on upgrading our confidence in the five main pegmatite dykes hosting spodumene in our northern land package. We are continuing to take all the necessary steps to advance the Georgia Lake Project.” Dirk Harbecke, Rock Tech CEO, said the company was “on time to achieve our goal to deliver our first battery-grade lithium hydroxide in 2024 and be part of the electric revolution that will transform the mobility sector in the coming decade.”

As a condition to closing the exchange agreement, i-80 Gold will assume the environmental liabilities for Lone Tree and Buffalo Mountain and will be responsible for securing replacement closure bonding and a release of NGM’s existing bonds. Similarly, NGM will assume the environmental liabilities and bonding obligations for South Arturo and Rodeo Creek. Nevada Gold Mines is operated by Barrick Gold Corporation and is a joint venture between Barrick (61.5%) and Newmont (38.5%) which created the single largest gold-producing complex in the world.

Rock Tech engages Niigaani Drilling at Georgia Lake

Rock Tech Lithium has engaged Niigaani Drilling to complete a drill program at the company’s Georgia Lake lithium project in Ontario. The objective of the program is to confirm the delineated mineral resource, forming the basis for a prefeasibility study.

The program is targeting a total of 7,800 metres over five deposits: Main Zone North, Main Zone South West, Conway, Harricana and Line 60.