Newly listed American Eagle Gold (TSXV: AE) continues to focus on exploring its flagship Golden Trend property in Nevada. The company’s 925-hectare site was acquired in July of last year and is located in the state’s rich Cortez Trend, adjacent to Barrick Gold and Newmont Mining’s joint venture Nevada Gold Mines Goldrush deposit and Cortez mine, which collectively host over 27 million oz. of gold.
“Nevada is the best jurisdiction in which to be exploring for gold,” says American Eagle’s CEO, Anthony Moreau. “We are looking for a multimillion ounce orebody within the same geologic context as neighbouring deposits like Barrick’s Goldrush. Our Golden Trend project is attached to Barrick and Newmont’s property package and is on trend with three of the largest gold deposits in the world. This represents a great opportunity for American Eagle Gold and its shareholders.”
American Eagle is part of the Ore Group of companies, whose overall business plan centres on consolidating prospective land packages in mining friendly jurisdictions and employing a talented team with strong financial and technical expertise. Golden Trend represents an opportunity to make a world class gold discovery, which is paramount to American Eagle’s growth.
Moreau joined American Eagle at the beginning of the year, after a lengthy career at Iamgold that included roles in investor relations, operations, and Business development. He says that one of the reasons he took on the CEO role is that the Golden Trend project is one of the last, unexplored properties in the area, surrounded by numerous million plus ounce assets.
“Golden Trend is virgin land,” says Moreau. “We are right beside Goldrush, one of the best mines to come online in the last 20-30 years, which is a 10+ gram per tonne, tier one deposit. Golden Trend is attached to Nevada Gold Mines’ property and on trend with the world class Cortez Hills deposit.”
Along this 15 km trend, three mines host over 50 million oz. of gold reserves and resources and have produced over 25 million oz. since 1996, says Moreau. Each was discovered ten years after one another, moving southwest along the Cortez trend. Golden Tend is a property southwest of the Nevada Gold Mines’ Goldrush deposit, which was discovered ten years ago.
A lot of the deposits in the area are Carlin-type deposits, and one of the experts on these is Mark Bradley, American Gold’s vice-president of exploration. Prior to joining the company, Bradley was the team leader of Barrick’s Cortez project during the discovery and definition of the Goldrush deposit, and he knows this part of Nevada better than most others. As the company believes Golden Trend shares similar geology to the Goldrush deposit, Bradley’s role will help guide them as they advance to drill hole exploration work in the near future.
Moreau points out that Golden Trend has had just a limited amount of exploration done by previous owners, with next to no historical drilling at depth, so it’s still an early-stage exploration play.
“Initially, a lot of the work that was done was shallow drill holes, looking for oxides,” says Moreau. “But mineralization is not at surface on our property. It is under deep cover. The few strategic holes drilled on our property were wild cat drill holes, done without basic information such as modern geochem analysis, MT work or seismic surveys. This is a world class target, so, we plan to do the proper front-end work before we begin drilling.”
American Eagle raised $3.5 million in January, and was listed on the TSXV at the beginning of May, trading under the symbol AE. The capital raised has been earmarked to fund the first round of exploration, which will start with MT and seismic surveys to gain further understanding of the type of rocks and structure that exists on the property. The company has already begun work on the permitting process that will allow exploration to commence, targeting the drilling program to begin in early September of this year.
“For our team, Golden Trend represents an opportunity to find the next Goldrush deposit,” says Moreau. “And having worked at a large firm, I know opportunities like this don’t come along that often. All of us at American Eagle know that. So we’re committed to finding that deposit. It’s about two things: the property and the people. We have both of them and are positioned well to make a discovery.”
The preceding Joint Venture article is PROMOTED CONTENT sponsored by American Eagle Gold and produced in cooperation with The Northern Miner. Visit americaneaglegold.ca for more information.