Jul 11, 2020
Coral Gold Resources Ltd. reports that Nevada Gold Mines continues to advance
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VANCOUVER, Canada (AP) – Coral Gold Resources Ltd. reports that Nevada Gold Mines continues to advance the Robertson Project in Nevada’s Cortez region where Coral retains a net smelter returns royalty.
Nevada Gold Mines recently delivered its summary of work completed in Q1 2020 at Robertson. In terms of drilling activities at Robertson, NGM reported that 2,026 meters of geotechnical and metallurgical drilling was completed during the quarter, as well as 821 meters of resource drilling.
NGM is also progressing the evaluation and other pre-development activities at Robertson including updating the geological models based on Q1 2020 drill data, continuing ongoing baseline study work, such as waste/ore characterization work and biological baseline work. In addition, NGM has confirmed that the Robertson pre-feasibility study process remains in-progress.
Coral Gold Resources Ltd. said in a March statement that Barrick Gold Corp., which operates NGM and owns 61.5 percent of the company, recently disclosed an inferred mineral resource at the Robertson Project in their 2019 fourth quarter report. While the details of the new resource estimate have not yet been made public, they indicate the Robertson property is now considered part of the mineral resource base for the Cortez Mine complex.
After the sale of the Robertson Project to Barrick in 2017, Coral retains a life of mine sliding scale, 1% to 2.25% NSR on the project. Coral’s NSR is subject to potential advance royalty payments as well as a right of first refusal enabling NGM to acquire the NSR if the Company wishes to sell the NSR to any third party. The royalty increases with an increase in the price of gold.
Coral Gold Resources is a precious metals exploration company operating in Nevada, where it has explored one of the world’s richest gold districts for over 30 years. The Company’s primary asset is a sliding scale net smelter returns production royalty on Nevada Gold Mines’ Robertson Property in Nevada
The Company also holds a portfolio of strategically-located exploration projects near Nevada Gold Mine’s Pipeline/Cortez Mine Complex on Nevada’s Battle Mountain/Cortez Trend. Coral remains debt free with a strong balance sheet.