U.S. Gold Corp acquires Orevada Metals
Orevada has an option to acquire a 70% interest in the Maggie Creek Project, which U.S. Gold claims to be in the heart of the Carlin Trend and adjacent to Newmont Mining's (NYSE: NEM) 26-million-ounce Gold Quarry mine.
"This is a strategic acquisition for U.S. Gold Corp.; creating a leading exploration company focused on the discovery of Carlin-style deposits," said CEO and president Edward Karr.
"The numerous gold showings at Maggie Creek within classical stratigraphy and structure that hosts the majority of gold ounces in the Carlin Trend, highlight the significant potential of the property. The host rocks and fault structures associated with Gold Quarry extend onto property while the Chukar-Anulite Fault structure, driving the high-grade mineralization at Gold Quarry, projects into the Maggie Creek Property where it intersects the NW structural corridor creating high priority drill targets.
"With this acquisition, U.S. Gold Corp. now controls two promising exploration projects on two of the world's leading gold trends."