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Ely Gold Royalties Purchases Gold Bar Royalty (TSX-V: ELY, OTCQB: ELYGF)

Mining News - Published on Thu, 19 Sep 2019

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Ely Gold Royalties Inc, through its wholly owned subsidiary Nevada Select Royalty, Inc, has acquired a one percent net smelter returns royalty covering two separate properties, located in Eureka County, Nevada. Ely Gold paid USD 25,000 for the assignment of 100% of the Scoonover Royalty from an arms-length third party. Trey Wasser, Ely Gold's President & CEO, said “We are pleased to add this exciting exploration royalty to our portfolio. This asset is yet another example of our strategy of acquiring or generating royalties that are "at or near" producing mines".

The Scoonover Royalty covers 110 unpatented mining claims, located on the Battle Mountain-Eureka Trend, that are currently held by McEwen Mining Inc. The Claims are adjacent to the Goldstone Pit at McEwen's Gold Bar Mine. McEwen achieved commercial production at Gold Bar on May 23, 2019

Limited modern exploration on the Claims has been conducted by Atlas Precious Metals in 1985-1995 and Romarco Minerals from 2005-2007. Romarco's geologic mapping focused on the structural setting and the pronounced alteration of the Devils Gate and Webb Formations similar to the Rain Mine. A 7,210-foot drill program included 10 vertical holes. Four of these holes showed very thick (300-500 feet) intervals of detectable gold and prominent northeast and northwest structural zones indicating a very favorable setting for Rain-type mineralization.

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Posted By : Rabi Wangkhem on Thu, 19 Sep 2019
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