SSR Mining acquires Contiguous area to Marigold Mine
SSR Mining Inc announces it has acquired approximately 8,900 hectares contiguous to the Marigold mine in Nevada, U.S. comprised of a 100% interest in the Trenton Canyon and Buffalo Valley from Newmont Goldcorp Corporation and Fairmile Gold Mining, Inc for an aggregate purchase price of $22 million in cash and the grant to Newmont of a 0.5% net smelter returns royalty on each of the properties, and transaction and Property!
Acquisition of a large wholly-owned prospective of land is package with 340,000 ounces of historical gold production, contiguous to the southern boundary of the Marigold mine. Historical Indicated Mineral Resources estimate of 418,000 ounces of gold at Buffalo Valley.
SSR increases Marigold's land position on trend with the Mackay pit to 19,800 hectares in Nevada's Battle Mountain Eureka gold belt, an 84% increase. Planned exploration activities aim to further define and potentially increase Mineral Resources at the Properties.
With exploration success, potential exists to enhance the current Marigold mine plan to extend mine life, increase production or improve margins. Increases land position, which is favorable to host oxide and additional deep sulphide exploration targets. Also in 2018 and 2019, consolidated four additional parcels totalling 130 hectares of land located within the Marigold mine land package.
Paul Benson, President and CEO said, "Acquiring the Trenton Canyon and Buffalo Valley properties is expected to increase our gold resources and add multiple zones of mineralization proximate to our Marigold mine infrastructure. The acquisitions increase our land position by 84% since acquiring the Marigold mine and the Valmy property.
Exploration plans aim to upgrade and expand known gold mineralization to potentially extend mine life, increase operating flexibility or access higher margin tonnes. We expect to commence exploration activities in the near-term and to begin incorporating the Properties into our longer-term mine planning as we evaluate opportunities to continue creating value at Marigold for our shareholders."
