Twitter Facebook LinkedIn YouTube

Coral Gold updates Robertson Property currently being advanced by Barrick JV Nevada Gold Mines

Video Platform Video Management Video Solutions Video Player

Nevada Gold 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.

Tags:

Additional Information:

Company: Coral Gold Resources
Website: http://www.coralgold.com
Stock Symbol: TSXV: CLH
Date Published: Jul 7, 2020
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Coral Gold Resources reports that Nevada Gold Mines continues to advance the Robertson Project in the Cortez region of Nevada where Coral retains a net smelter returns royalty.

During the first quarter, Nevada Gold completed 2,036 meters of geotechnical and metallurgical drilling, as well as 821 meters of resource drilling.

Nevada Gold 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, Nevada Gold has confirmed that the Robertson pre-feasibility study process remains in-progress.

In June 2017, Coral Gold closed the sale of its Robertson Property, to Barrick Cortez, a subsidiary of Barrick Gold Corporation, which included a cash payment of US$15.75 million.

The Robertson Property is now held by Nevada Gold Mines, a joint venture between Barrick at 61.5% and Newmont at 38.5%.

Barrick recently disclosed an inferred mineral resource at the Robertson Project in their 2019 fourth quarter report and news release dated February 11, 2020, and 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.

David Wolfin, President and CEO, stated: “Management is encouraged by the progress on the Robertson Project, especially that a new mine design was created, and work progresses towards development of this property.”

Coral Gold’s primary asset is a life of mine sliding scale NRS of 1% to 2.25% on the Robertson Property, which is tied to the price of gold and has no cap on payments.

The NSR is payable quarterly, subject to potential advance royalty payments of $500,000 beginning Jan 2025 if Robertson is not in production.

Coral Gold has granted Nevada Gold the right of first refusal acquire the NSR should Coral wish to sell it to a third party.

Coral continues to hold a portfolio of strategically located exploration projects, including Norma Sass, JDN and Eagle 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

The shares are trading at $0.75.

For more information, please visit the company’s website, www.coralgold.com, contact David Wolfin, President and CEO, by email at ir@coralgold.com.

I’m Megan Edwards for Investmentpitch Media