American Eagle to Acquire 100% of Cerros Rojos Project, Nevada
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American Eagle Gold Corp. has entered into an assignment agreement with Standard Ore Corp. American Eagle Gold will assume all rights and interest in a lease with option to purchase agreement between Standard Ore and Rubicon Resources for a 100 percent interest in the Cerros Rojos Property.
The Cerros Rojos Property is located 150km south of Newmont’s Long Canyon mine in Nevada. Cerros Rojos had historical near-surface oxidized gold drill intercepts. This indicates the potential for of a new gold deposit in a previously undeveloped part of Nevada. It is believed that the system is structurally controlled, extending along low-angle structures to the west beneath the overlying Devonian Joana limestone. The initial focus of the exploration will be Carlin-style deposits.
The drill-identified mineralization at Cerros Rojos is hosted by the Devonian/Mississippian pilot shale near the contact with the underlying Devonian Guilmette Formation; this setting is similar to the Alligator Ridge complex of deposits operated by Kinross Gold 100km to the west, as well as Fiore Gold’s Pan mine 125km to the southwest. Alligator Ridge and other Pilot-hosted deposits in eastern Nevada have produced more than 2 million ounces of gold.
“Cerro Rojos is an opportunity to follow up on a highly prospective discovery hole of oxide gold material within a potential new deposit in eastern Nevada. We view this property as possibly representative of part of a new district analogous to nearby systems such as Kinross’ Alligator Ridge,” said Anthony Moreau, CEO of American Eagle Gold.
American Eagle Gold plans to explore this property, starting with digitizing historic surface data and then undertaking field exploration work and geophysical surveys to delineate targets for a drill program to begin in late spring 2022.
TERMS
Pursuant to the assignment agreement, the company has agreed to assume all of the rights and interests in the lease from Standard Ore in consideration for payment to Standard Ore of an aggregate of CDN$47,839.92 in cash. The company assumes Standard Ore’s rights to Cerros Rojos at Standard Ore’s exact cost with zero cash or share mark up to acquire interest in the property.
About American Eagle Gold
American Eagle Gold is focused on exploring its flagship property, Golden Gate. The property is strategically situated on the Cortez Trend, which hosts three large Carlin-type gold deposits operated by Barrick and Newmont’s Joint Venture, Nevada Gold Mines (Pipeline, Cortez Hills and Goldrush). The property is located 10 km south of Cortez Hills and 5 km south of Goldrush and shows many of the same geological characteristics as at the two deposit areas.
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