New York-listed Atlas plans to purchase the Doby George gold project from Independence Mining.
Situated in northwestern Nevada, the deposit contains an indicated reserve of 3.7 million tons grading 0.06 oz. per ton, or 220,000 contained ounces.
“We couldn’t have asked for a project that better fits our profile,” says David Birkenshaw, chairman and chief executive officer of Altas.
The deposit consists of three near-surface deposits and at least five other zones of mineral potential. Atlas is preparing to carry out definition drilling, mine planning and permitting.
Metallurgical testing indicates the non-refractory mineralization is amenable to heap leaching.
Atlas will give Independence 1.4 million shares, or 7.6%, of its common stock, together with a closing payment of US$400,000.
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