SEATTLE (Scrap Monster): Vancouver, B.C.-based Endeavour Silver Corp. announced that it has entered into a definitive agreement with Canamex Gold Corp. to acquire the latter’s Bruner gold exploration project located in Nye County, Nevada. Accordingly, Endeavour will acquire 100% interest in the company for $10 million in cash.
The acquired project comprises 1,457 hectares on patented and unpatented claims, which are subject to pre-existing royalties. It is ideally located within Nevada’s Walker Lane northwest trending mineral belt. It is just 25 kilometres away from the town of Gabbs. Nevada and is easily accessible by paved highway and gravel roads. The project has already secured water rights and high voltage power availability.
Divided into three zones, the gold project contains historic resources of 342,000 ounces of gold, with potential to discover additional gold and silver mineralization. The results of cyanide leach tests conducted at the site hints at high gold recoveries. Furthermore, the location offers immense diversification opportunities.
Dan Dickson, CEO, Endeavour Silver Corp. noted that the company is pleased to add the advanced stage exploration property to its project pipeline. Bruner will mark the beginning of building an attractive gold-silver portfolio in Nevada. The exploration team will initially focus on verifying the historic resources, he said.