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  • Newmont Mining Corp. Acquired Long Canyon Deposit From Fronteer Gold For $2.3 Billion. Who Is Next?

    Nevada is now the leading gold-producing state in the nation, in 2007 producing 80% of the gold mined in the United States. Almost all the gold in Nevada comes from large open pit mining and cyanide heap leaching recovery. A number of major mining companies, such as Newmont Mining, operate gold mines in the state. Active gold mines include Jerritt Canyon and the Getchell Mine.

    Newmont Mining Corp. NEM.NYE and Barrick Gold Corp.ABX.NYE operate several large mines on the prolific "Carlin Trend" or Carlin Unconformity, which is one of the worlds richest mining districts. Gold Standard Ventures is currently exploring the Railroad project on the southern portion of the Carlin Trend, within the historic Bullion Mining District.

    As of January 12, 2011, published ore resources at Long Canyon were 1,396,000 oz. of gold at an average grade of 2.36 grams per gold per ton contained in 18,371,000 tons of ore. Inferred resources were 803,000 oz. of gold at average grade of 2.24 grams gold per ton contained in 11,170,000 tons of rock.

    The Spruce Ridge, Nevada project is on the next range west of the recent Pequop Mountains, Long Canyon Trend major discovery by Fronteer Gold of a very large "Carlin Trend" type gold deposit. The Long Canyon deposit was acquired in February 2011 by Newmont Mining Corp. NEM.NYE for $2.3 billion.

    Through continued exploration, Newmont Mining Corp. NEM.NYE has Since announced additional increased tonnage at Long Canyon. CanyonGold intends to explore its claims for the same type of target, a large tonnage gold deposit similar to the West Pequop Mountain Long Canyon type of gold deposit.

    Spin-off companies from the original explorers of the Long Canyon discovery are exploring in the Wood Ridge range north of the CGCC CanyonGold claims, and south of the CanyonGold claims in the Spruce Ridge range. These spin-off companies are tied on or -adjacent to the northern and southern boundaries of the CanyonGold claims.

    The southern company is Renaissance Gold Inc. RNT.V which has an exploration agreement with Summit Mining Exploration 11, Inc. which is a US subsidiary of Sumitomo Corporation. A recent press release (06/11/2012) said they have already spent US $ 1.8 million on Spruce Mountain exploration and announced a second round budget US $ 1.7 m in additional expenditures.

    Miranda Gold Corp. MAD.V has the East Spruce property which is to the southeast of the CanyonGold property and is just to the east of the RenGold/Sumitomo JV project.

    The company to the north is NuLegacy Gold Corp. V.NUG exploring their Wood Ridge South property optioned from Renaissance Gold Inc. RNT.V They completed a series of geochemical and gravity surveys to guide two sets of drilling. NuLegacy's southern boundary is also CanyonGold's northern boundary. To the east of the NuLegacy ground between their ground and the Long Canyon project is Agnico- Eagle.

    CGCC has managed to acquire 30 mineral lease claims and optioned 280 mineral lease claims for a total of 10.3 sections, approximately 6,613 acres, situated on the NE-SW 'Long Canyon Trend' on the next range to the west of the Pequop Mountains in the Spruce Ridge area of Nevada. With completion of its phase one exploration and delivery of the Geological Report written in the style of Canadian securities NI 43.101 Technical Report requirements. The findings on the claims as given in the report recommend continuation with the planned Phase Two exploration program.

    CGCC plans to increase its claim holdings in the Long Canyon Trend - Spruce Ridge area through Spring/Summer 2013 by exercising an existing property lease option, subject to financing program. CanyonGold filed with the SEC for full reporting status and trading on the OTC-Bulletin Board. On November 29, 2012 the company was cleared for trading on the OTC-BB under the symbol 'CGCC'. CanyonGold is well positioned for success with its claims in an area of ever expanding gold discoveries and the potential for growth through acquisition of further claims in the same area.
    You can read more about the company and its recent news at : www.canyongoldexploration.com

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Feb 05 10:42 AM | Link | 2 Comments
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