West Kirkland Mining (TSX.V: WKM) is an emerging North American gold exploration and development company with exciting projects in Nevada and Utah. With a proven management team, local technical expertise and strong financial backing, West Kirkland is poised for significant growth.
Hasbrouck and Three Hills Acquisition
On April 23, 2014 West Kirkland completed its acquisition of an initial 75% interest in the Hasbrouck and Three Hills properties in Nevada from Allied Nevada Corp. The deposits, located between Reno and Las Vegas, are all-oxide, near surface epithermal vein type deposits that are often suitable for open pit, heap leach mining. West Kirkland paid $US20 million for its 75% interest.
Under the agreement, an additional US$10,000,000 is due to be paid within 30 months after the initial payment to acquire the remaining 25% interest in the properties, or at the discretion of Allied Nevada, the properties will be transferred into a joint venture with West Kirkland owning a 75% interest in the joint venture and Allied Nevada retaining a 25% interest.
The combined Hasbrouck and Three Hills deposits currently include 1,279,900 gold equivalent (AuEq) ounces in the Measured and Indicated category and 761,000 ounce AuEq in the Inferred Category.*
For further information on the Hasbrouck acquisition please refer to the Company’s April 23, 2014 news release.
Long Canyon Assets
West Kirkland holds a dominant land position in the Long Canyon Trend (1,000km2) in Nevada and Utah through earn-ins of up to 60% with Rubicon Minerals and Newmont Mining. In 2010, Newmont purchased Fronteer Gold’s Long Canyon deposit and outlying areas for CAD$2.3 Billion. West Kirkland’s ground lies adjacent to Newmont’s Long Canyon properties.
On August 8, 2013, West Kirkland announced the results of a revised Resource Estimate and Preliminary Economic Assessment for the company’s TUG deposit in Utah, where West Kirkland has spent sufficient funds to achieve its 60% earn-in requirement with Newmont.
Read the August 1, 2013- TUG Resource Estimate and PEA news release.
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* Hasbrouck and Three Hills (0.005 opt AuEq Cutoff, Scott E. Wilson, Feb 21, 2014)
78.2 million tons at 0.016 opt AuEq = 1,279,000 ounces AuEq measured and indicated
69.9 million tons at 0.011 opt AuEq = 761,000 ounces AuEq inferred
AuEq calculated AuEq=Au+(Ag/57.14)
Please refer to the Company’s February 24, 2014 Resource Estimate news release. Mr. Scott E. Wilson, AIPG Certified Professional Geologist, is WKM’s Independent Qualified Person as defined under NI 43-101. Mr. Wilson has reviewed and verified the data disclosed to be in conformity with generally accepted CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and in accordance with NI 43-101.