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Contact Gold further expands Pony Creek gold project in Nevada

Contact Gold Corp. said Feb. 6 that it expanded its flagship Pony Creek gold property in Nevada by 8% to 1,325 unpatented claims via the acquisition of the early stage East Bailey exploration project.

East Bailey comprises 109 unpatented mining claims and will bring the size of the contiguous Pony Creek property to 107.4 square kilometers.

Under the terms, Contact Gold issued 250,000 shares to the unnamed seller and granted of a 2% net smelter returns royalty over certain portions of East Bailey that did not already have royalties in place. Existing royalties over certain portions of East Bailey comprise a 3% net smelter returns royalty, with the option to reduce the royalty to 1%.

Contact Gold intends to advance the project during the 2018 field season.