The 2017 sale of Robertson to Barrick Gold (now Nevada Gold Mines, or NGM) included a sliding scale 1% to 2.25% net smelter returns royalty, payable quarterly, subject to potential advance royalty payments, as well as a right of first refusal enabling NGM to acquire the NSR in the event that the Company wishes to sell the NSR to any third party. The royalty increases with increases in the price of gold.
|AVERAGE GOLD PRICE/OZ
DURING THE QUARTER
|Up to and including $1,200.00||
|$1,200.01 to $1,400.00||
|$1,400.01 to $1,600.00||
|$1,600.01 to $1,800.00||
|$1,800.01 to $2,000.00||
The sale of the Robertson Property was supported by a Preliminary Economic Assessment (PEA) completed in 2012, which can be viewed here.
The PEA included an inferred gold resource of over 2.7 million ounces, calculated as:
|CATEGORY||QUANTITY (TONS)||GRADE (OZ AU/TON)||QUANTITY (OZ AU)|
Resource Calculation Disclosure:
|CUTOFF GRADE:||0.0067 oz Au/ton|
|DRILLING:||1,160 holes, 533,453 feet (162,638m)|
Mr. Garth D. Kirkham, P.Geo., and Mr. Peter Stokes, P.Eng., of Beacon Hill Consultants (1988) Ltd. and Mr. Robert McCusker, Consultant Geologist and Project Manager are Qualified Persons in accordance with NI 43-101. Messrs Kirkham, Stokes and McCusker are independent of Coral as defined by NI 43-101 and are responsible for the technical data in the resource estimate.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to the Indicated or Measured mineral resource category.
30+ YEAR HISTORY OF THE ROBERTSON PROJECT
|1985||Coral acquires the Robertson Property from Andy Robertson and Aaron Mining|
|1986||Dr. Ralph Roberts hired as consultant. Large block of adjoining ground staked.|
|1987||Exploration identifies new near-surface gold zones|
|1988||Heap leach production begins, later halted by low gold prices|
|1990||Exploration agreement with Amax Gold|
|1997||Agreement with Barrick on Excluded Claims|
|1999||Exploration agreement with Placer Dome on Excluded Claims|
|2007||Drilling encounters the Lower Plate of the Roberts Mountain overthrust|
|2007-09||Expansion of Core Claims resource|
|2012-13||Environmental Assessment completed|
|2017||Barrick purchases Robertson from Coral Gold|
|2018||Barrick begins Robertson work program|
|2019||Barrick merges with Newmont to form Nevada Gold Mines (NGM)|
|2019||NGM continues developing Robertson|