With a first-quarter cash position of $8.4 million, Euro-Nevada Mining of Toronto considers itself well financed to seek royalty acquisitions in the Carlin gold belt near Elko, Nev.
Incorporated last October, the company recently acquired a 4.9% royalty interest in Newmont Gold’s Maggie Creek mine in the Carlin trend. The royalty includes about 400 acres of mineral rights, including Newmont’s Gold Quarry mine where proven reserves stand at 10 million oz.
According to Euro-Nevada, Newmont is planning to drill a series of 1,200-ft holes to test for deep sulphides beneath the Maggie Creek deposit.
Drilling is also continuing on Euro-Nevada’s Chicago claims, just south of Newmont’s Blue Star mine at Carlin.
Following an initial 2,000-ft hole which came up empty, the company is drilling at 1,940 ft with a target of 2,200 ft. A third hole is also planned, says President Piere Lassonde.
Following a report by Kilborn Engineering of Toronto, Euro- Nevada will hang a For Sale sign at its Hasbrouck Mountain property, near Tonopah, Nev., where reserves stand at 3.2 million tons grading 0.038 oz gold and 0.61 oz silver.
The Euro-Nevada issue was trading recently on the Toronto Stock Exchange at $4.30 in a 52-week range of $8 and $3.30.
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