The REN Property is part of Nevada Gold Mines, a joint venture between Barrick Gold Corporation and Newmont Gold Corporation. REN, centered along the North Carlin Trend, is surrounded by operating gold mines. Within five kilometers of the property, this area of the Carlin Trend has produced or has an inventory of over 70 million ounces of gold.
Overview — High grades, surrounded by renowned mines
The REN Property consists of 86 contiguous unpatented lode mining claims covering 7.4 square kilometres of the North Carlin Trend. The property has a long history of significant gold discoveries. The first deep, high-grade discovery hole (RU-24c) was drilled in 2000 and returned 42.7 meters of 34.6 gpt Au. This discovery led to an expansion of the surface drilling program. During the period 1999-2003, 65 drill holes/55,000 meters were completed.
Cameco Gold, operating the property with Homestake, filed an NI 43-101 Technical Report in June 2004. The report defined an initial inferred resource of 1.9 million tonnes at 14.7 gpt Au in what is known as the JB Zone. The JB Zone is located at a depth from surface of 700 to 900 meters and is hosted in the same geological units as the gold deposits currently mined at the Meikle and Banshee Mines immediately south of the REN property.
Cameco spun out its gold properties in 2004 in an IPO for Centerra Gold. Centerra continued definition drilling on the JB Zone until it sold its interest to Barrick in 2010. The property was eventually added to the joint venture between Barrick and Newmont to form Nevada Gold Mines.
The Goldstrike and Meikle Mines lie within two kilometers of the southern boundary of the REN property. The Bootstrap/South Arturo and Dee mines wrap around the REN Property on the west and north. REN is contiguous to the Banshee Mine property within the Goldstrike Complex.
Ely Gold acquired its 3.5% Net Profits Interest (NPI) on the property in March 2020. On May 19, 2020, Ely Gold announced acquisition of VEK Associates, which held a 3% NSR on the REN Property.
Reserves,Grades and Operations
Cameco’s NI 43-101 compliant report (filed on SEDAR), titled "Technical Report on the REN Property" defined the initial inferred resource on the JB Zone. Ely Gold, however, is not treating this historical estimate as a current resource because a Qualified Person has not done sufficient work to classify the historic estimate as current.