CopAur Minerals Consolidates 100% Interest in Kinsley Mountain Gold Project, Nevada
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CopAur Minerals has completed its acquisition of Nevada Sunrise Metals’ 18.74 percent ownership interest in Kinsley Gold, the joint venture vehicle that holds rights to the Kinsley Mountain Gold Project in Nevada.
CopAur Minerals now owns 100 percent of the Kinsley Project, a gold exploration project in Elko County, Nevada. The Kinsley Project comprises 513 unpatented lode claims on U.S. Bureau of Land Management land plus 6 leased patents totaling 10,410 acres, and hosts a past-producing mine with an extensive exploration database and numerous, untested gold targets. The leased claims are subject to a 3 percent net smelter returns royalty on production.
“We are pleased to have completed this transaction to acquire 100 percent ownership of the LLC, which provides us with full control over the Kinsley Project and the ability to concentrate our efforts on further advancing this exciting project,” said Chief Executive Officer Jeremy Yaseniuk.
“The Kinsley Project has both oxide and sulphide gold resources. Recent drilling by the company has yielded multiple near-surface oxide intercepts at the Main Pit North target and high-grade sulphide gold mineralization at the Western Flank,” added Yaseniuk.
Under the terms of a membership purchase agreement CopAur acquired Nevada Sunrise’s 18.74 percent ownership interest in the LLC in consideration of the payment of $359,000 (CDN$475,000) and the issuance of 1,000,000 common shares of CopAur to Nevada Sunrise.
The Kinsley Project hosts a national instrument 43-101 mineral resource that CopAur is working to upgrade and expand. The Kinsley Project is a historical past producer that yielded 138,000 ounces of near-surface open-pit gold between 1995 and 1999, when mining was suspended.
CopAur Minerals is an exploration company focused on developing projects within the emerging, mineral-rich mining regions of Nevada. The company is backed by a dynamic and experienced team of resource professionals advancing its projects in Nevada with the flagship project being Kinsley Mountain gold property, a Carlin-style project located 90 kilometers south of the Long Canyon mine.
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