This activity signals the advancement of this
multimillion-ounce project in Nevada.
Drilling started at the Spring Valley gold project in Nevada, on which Terraco Gold
Corp. (TEN:TSX.V; TCEGF:OTCPK) owns various royalty assets. Waterton
Global Resource Management, a private equity firm, is conducting the
drilling, currently using two rigs.
Spring Valley hosts an NI 43-101 compliant gold resource of 4.12 million
ounces of gold Measured and Indicated and 990,000 ounces Inferred.
"We are excited to see that Waterton Global Resource Management is
currently drilling at the multimillion-ounce Spring Valley Gold Project. We
believe that Spring Valley is a key asset within Waterton's asset portfolio,
and this drilling program clearly confirms its commitment and priority to
advancing the project," Terraco President and CEO Todd Hilditch said in
a news release. "We believe that Spring Valley is the
only remaining multimillion-ounce Nevada-based gold asset that is currently
not owned by a major gold production company. As a significant royalty holder
of Spring Valley, we are extremely pleased to see forward momentum on site at
Spring Valley."
The royalties that Terraco owns at the project include up to a 3% net
smelter return (NSR) on a majority of the current resource, a 1.5% NSR on a
portion of Spring Valley on the resource's north side, a 2% NSR on the
Moonlight Project abutting Spring Valley to the north and a 0.5% NSR on other
properties.
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