CopAur Minerals Inc. (TSXV: CPAU) (OTCQX: COPAF) bought the remainder of the interest of the Kinsley Gold LLC joint venture it once shared with Nevada Sunrise Metals Corporation (TSXV: NEV) (OTC: NVSGF) in Elko County, Nevada.
The company explained on Friday that it bought the remaining 18.74 per cent ownership interest in the LLC for CAD$475,000 and 1 million common shares, therefore consolidating its hold on the project’s 513 unpatented lode claims on U.S. Bureau of Land Management land and six leased patents totalling 4,213 hectares. It also hosts a past-producing mine with an exploration database of untested gold targets. The leased claims are subject to 3 per cent net smelter returns royalty on production.
“The Kinsley Project has both oxide and sulphide gold resources. Recent drilling by the company has yielded multiple near-surface oxide intercepts at the Main Pit North target and high-grade sulphide gold mineralization at the Western Flank,” said Jeremy Yaseniuk, CEO of CopAur.
The company is presently working to upgrade upgrade and expand its National Instrument 43-101 mineral resource at the Kinsley Project. This project yielded 138,000 ounces of near-surface open-pit gold between 1995 and 1999.
CopAur focuses on exploring and developing projects within Nevada’s emerging, mineral-rich mining regions.
Kinsley Mountain Gold Project cut away diagram. Image via CopAur Minerals.
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Kinsley Mountain close to some lucrative neighbouring properties
The Kinsley Mountain gold property eastern Nevada is close to several significant mining operations.
Approximately 90 kilometers to the north is the Long Canyon mine, currently in production under the Newmont Corporation (TSX: NGT) (NYSE: NEM) and Barrick Gold (TSX: ABX) (NYSE: GOLD) joint venture, Nevada Gold Mines.
Additionally, the Pan Mine, operated by Calibre Mining (TSX: CXB) (OTCQB: CXBMF), lies approximately 110 kilometers to the northwest. Calibre reported in July that it had maintained a clean safety record at the gold mine for three years. The company attributes its success to a strong safety culture at the Pan mine. It’s known for its open-pit heap leach operations.
Another nearby asset is the Bald Mountain mine, which is a large-scale open-pit mining project operated by Kinross Gold Corporation (TSX: K) (NYSE: KGC). It’s situated around 100 kilometers to the west.
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