- Golden Independence (IGLD) has formed a joint venture with Americas Gold Exploration to advance the Independence project
- Golden Independence will operate the Independence project with a 51 per cent interest, while Americas Gold Exploration will hold a 49 per cent interest
- The company will operate the Independence project with a 51 per cent interest, while Americas Gold Exploration Inc. (AGEI) will hold a 49 per cent interest
- Golden Independence Mining is an exploration company engaged in the acquisition and exploration of mineral property assets
- Shares in Golden Independence (IGLD) are steady, trading at $0.11 per share
Golden Independence (IGLD) has formed a joint venture with Americas Gold Exploration to advance the Independence project in Nevada.
Located south of Battle Mountain, Nevada, the Independence project was the site of a recently completed 36-hole RC drill program. The new holes, combined with the 56 RC holes drilled by previous operators of the property, culminating in a maiden mineral resource estimate.
This near surface resource forms the basis for an upcoming preliminary economic assessment that is expected to be completed before the end of 2021.
In August 2020, Golden Independence signed an agreement with Americas Gold Exploration Inc. (AGEI) to acquire 51 per cent of the Independence project by paying US$4.3 million to the project’s previous owner, completing $3 million in work expenditures, and paying a combination of cash and shares to AGEI within 30 days of the agreement.
Under the terms of the new joint venture, Golden Independence will operate the Independence project with a 51 per cent interest, while AGEI will hold a 49 per cent interest.
Both parties will contribute funding on a pro-rata basis to further develop the project towards production.
Should either company be diluted to a 15 per cent interest in the project, that interest will be converted into a 2 per cent NSR that can be repurchased for $4 million.
Christos Doulis, CEO of Golden Independence, commented on the joint venture.
“With our earn-in complete, we look forward to working with our partner, AGEI, to advance the Independence project towards a production decision,” he said.
“The execution of the joint venture agreement is the result of a strong team effort that has rapidly advanced the Independence project,” added AGEI president Don McDowell.
Golden Independence Mining is an exploration company engaged in the acquisition and exploration of mineral property assets.
Shares in Golden Independence (IGLD) are steady, trading at $0.11 per share as of 3:13 pm EST.
