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Gold Resource buys County Line project in Nevada from Ely Gold

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Gold Resource buys County Line project in Nevada from Ely Gold

Gold Resource Corp. said March 12 that it agreed to purchase the County Line gold project in Nevada from Ely Gold Royalties Inc. unit Nevada Select Royalty Inc. for US$300,000.

County Line covers about 429 hectares comprising 53 unpatented lode claims and one unpatented placer claim.

Gold Resource staked another 63 unpatented claims around the project to strengthen its land position and exploration potential. As a result, the total land package consists of 939 hectares.

The company proceeded with the acquisition to explore new prospective areas of the property and assess the potential of defining and expanding mineralized material in the open pits. During due diligence, rock chip samples taken from the bottom of the County Line pit averaged 2.2 g/t of gold.

Nevada Select retains a 1% net smelter return royalty on the property, one-third of which can be acquired by Gold Resource for US$1 million.