Fiore Gold Completes Acquisition of Past-Producing Illipah Project in Nevada
Vancouver, British Columbia – FIORE GOLD LTD. (TSXV: F) (OTCQB: FIOGF) (“Fiore” or the “Company” - https://www.commodity-tv.com/ondemand/companies/profil/fiore-gold-ltd/) is pleased to announce that it has completed the acquisition of a 100% interest in the past producing Illipah gold project, located in White Pine County, Nevada approximately 36 km northeast of Fiore’s Gold Rock project at the southern end of the prolific Carlin Trend (Figure 1).
The Illipah gold project covers approximately 1,600 hectares (3,950 acres) and hosts a former heap-leach gold mine that produced 37,000 ounces of gold in the late 1980s at an average grade of 1.37 g/t Au and heap leach recoveries over 80%. The geological dataset for the project is extensive and includes 562 primarily reverse-circulation drill holes, as well as 2,415 soil samples, 491 rock samples and detailed surface mapping.
Tim Warman, Fiore’s CEO stated, “Planning is well underway for an initial exploration program at Illipah, with fieldwork expected to begin in early August. We plan to start with a detailed program of mapping and geochemical sampling in conjunction with permitting for a larger drilling program which is expected to be completed in the spring of next year. If promising targets are identified in the meantime, we can carry out a more limited drilling program while we wait for approval for the larger program.”
The primary controls on mineralization include a north-south trending anticline (as at Gold Rock) as well as north-south. north-northeast and west-northwest oriented faulting. Typical Carlin-style alteration, including decalcification, silicification, jasperoid, is strongly developed along all these structures, as are anomalous concentrations of typical pathfinder elements such as arsenic, antimony, and mercury. Gold was mined primarily from the Chainman Shale – Joana Limestone contact as at Gold Rock, but the highly prospective Pilot Shale – Devils Gate Limestone contact has also been intersected by drilling. This latter contact hosts the gold mineralization at Fiore’s Pan Mine, as well as at Nevada Gold Mines’ Rain Mine, which produced over one million gold ounces between 1988 and 2018.
Summary Terms of the Acquisition
Under the terms of a definitive agreement, Fiore acquired a 100% interest in the Illipah property from Clover Nevada LLC, an indirect subsidiary of Waterton Precious Metals Fund II Cayman, LP, for total consideration of:
- US$200,000 in cash; and
- 3 million Fiore Gold shares.
The transaction, and the issuance of Fiore’s common shares pursuant to the definitive agreement, have been approved by the TSX Venture Exchange (the “TSXV”). The issuance of all the common shares is subject to a statutory hold period.
The scientific and technical information relating to Fiore’s properties contained in this news release was approved by Paul Noland (AIPG CPG-11293), Fiore’s VP Exploration and a "Qualified Person" under National Instrument 43-101.
Illipah is an early-stage exploration property and does not contain any mineral resource estimates as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”). There has been insufficient exploration to define a mineral resource estimate at Illipah. All historical production, drill or sample figures quoted herein are based on prior data and reports obtained and prepared by previous operators. The Company has not completed the work necessary to verify results. The historical figures should not be relied upon and have not been verified by a Qualified Person.
Our corporate strategy is to grow Fiore into a 150,000 ounce per year gold producer. To achieve this, we intend to:
- grow gold production at the Pan Mine while also growing the reserve and resource base;
- advance exploration and development of the nearby Gold Rock project; and
- acquire additional production or near-production assets to complement our existing operations.
On behalf of FIORE GOLD LTD.
Chief Executive Officer