Connect with us

Hi, what are you looking for?

Wednesday, Jul 24, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Mining

Nexus Uranium spins out Nevada’s Independence gold project, preps for IPO

The yellow metal’s high price was the primary factor inspiring the move

Nexus Uranium spins out Nevada's Independence gold project, preps for IPO
Breccia rock with substantial gold mineralization at the Independence property. Photo credit: Nexus Uranium

In response to favourable market conditions, Nexus Uranium Corp. (CSE: NEXU) has decided to create a publicly-listed gold subsidiary in Nevada. Nexus aims to let its joint venture partner take over operations at the site so the company can focus on its primary commodity.

The Saskatchewan and Utah-focused uranium miner announced plans to spin out its Independence precious metals project into a separate entity on Tuesday. This decision followed a thorough review of the asset’s potential in April. An initial public offering will be completed in the near future.

“With the continued strength of the gold price and improved sentiment for gold equities, we are moving forward with unlocking the unrecognized value for our Independence gold project,” chief executive Jeremy Poirier said in a press release.

The Independence site is wholly situated within a permitted plan of operations area for the Nevada Gold Mines Phoenix project.

Nexus Uranium spins out Nevada's Independence gold project, preps for IPO

Map: Nexus Uranium

Read more: U.S. Gold interview highlights importance of flagship site’s new mining permit

Read more: U.S. Gold Corp acquires environmental quality permit in Wyoming

Management and operation handed to Americas Gold Exploration

Nexus has a 51 per cent stake in the Cortez trend gold-silver operation (Independence) while privately-held Americas Gold Exploration owns the remainder. It holds over 334,000 ounces of measured and indicated gold. The Cortez trend is known to host a series of other early-stage projects like the Keystone operation run by U.S.Gold Corp. (Nasdaq: USAU).

“This project represents one of a handful of low-cost, de-risked gold development opportunities in one of the premier gold mining jurisdictions in the world,” Poirier said in May.

The heap-leach mine will have a six-year lifespan once production starts at an unspecified date in the near future. Americas completed the site’s last drill program in 2018 and a preliminary economic assessment was later written up in 2022.

In addition to Independence, Nexus currently holds a gold-copper property in British Columbia near Kamloops. The company also has a series of gold claims in Yukon that have yielded grab samples with up to 144 g/t Au.

 

U.S. Gold is a sponsor of Mugglehead news coverage 

 

Follow Mugglehead on X

Follow Rowan Dunne on X

rowan@mugglehead.com

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Alternative Energy

Eight towns in the Jujuy province are now wholly-powered with photovoltaic power plants

Uranium

Restarting a trio of uranium mines in Utah is one of the company's main goals going forward

Lithium

Direct lithium extraction (DLE) does not require the expansive evaporation ponds visible at many operations

Mining

The drill campaign follows the successful completion of a VTEM Plus airborne survey