CopAur Minerals, a Canadian mining company, has entered a non-binding indicative term sheet with Nevada Sunrise Metals to acquire the latter’s remaining 18.74% stake in the Kinsley Mountain Gold Project in Nevada, US.
The move, if finalised, would increase CopAur’s ownership in the Kinsley Project to 100%.
As per the agreed terms, CopAur will pay C$475,000 ($348,214) and issue one million common shares to Nevada Sunrise. These shares will be held in escrow, with 250,000 shares to be released quarterly after a four-month statutory hold period post-closing.
The terms outlined are provisional, with the final agreement contingent on successful negotiations between CopAur and Nevada Sunrise.
Completion of the transaction is subject to several conditions including CopAur securing at least C$475,000 in financing, satisfactory due diligence and approvals, including that of the TSX Venture Exchange.
The Kinsley Mountain Gold Project is not new to gold production, having previously yielded 138,000oz from near-surface open-pit operations between 1995 and 1999.
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By GlobalData
CopAur is actively working to upgrade and expand the current mineral resources at the Kinsley Project.
CopAur Minerals CEO Jeremy Yaseniuk said: “Acquiring the remaining 18.74% ownership interest in the Kinsley Project will provide us with full control over the project and the ability to concentrate our efforts on advancing this exciting project.
“We completed reverse circulation and diamond core drilling programme in late 2023 at Kinsley Mountain within the Main Pit North area located one kilometre south-east of the Western Flank Zone, which intersected high-grade, near-surface oxide gold intercepts with the gold hosting Dunderberg shale 75m outside the current resource pit shell providing opportunities for near-pit resource expansion.
“We now hope to initiate the integrated exploration data analysis to further advance the understanding of the Kinsley Project mineralisation that will increase the efficiency and robustness of future exploration, targeting resource definition and development work.”
