Corvus Gold secures $20m loan to fund North Bullfrog project in US
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Corvus Gold secures $20m loan to fund North Bullfrog project in US

07 May 2021 (Last Updated May 7th, 2021 15:50)

Corvus Gold has received a $20m loan from its shareholder AngloGold Ashanti to fund the development of the North Bullfrog project in Nevada, US.

The funds will be used for the ongoing permitting and pre-development work at the North Bullfrog project.

Corvus Gold will also use the infusion to support the ongoing exploration work at the Mother Lode and Lynnda Strip projects.

Corvus Gold said that it has granted an exclusivity period of 90 days to AngloGold.

During this period, Corvus Gold will withhold from possible discussions or actions related to material transactions that involve its assets.

Covering approximately 90.5km² in southern Nevada, the North Bullfrog Project comprises a number of private mineral leases of patented federal mining claims and 1,134 federal unpatented mining claims.

Corvus Gold’s 100%-owned Mother Lode Project is located 165km northwest of Las Vegas and 10km east of Beatty.

Covering an area of approximately 36.5km², the project includes 445 federal unpatented mining claims.

In 2019, Corvus said that it raised $1.06m (C$1.3m) through a private placement from a subsidiary of AngloGold Ashanti.

Last year, AngloGold Ashanti and Barrick Gold divested their 80% stake in the Morila gold mine south of Bamako, Mali to an Australian gold explorer Mali Lithium.

Last month, AngloGold Ashanti approved Regis Resources’ acquisition of a 30% interest in the Tropicana project in Western Australia from joint venture partner IGO.

The move follows AngloGold Ashanti’s decision to waive its pre-emptive right over the 30% stake in the Tropicana Gold Mine.