Royalty Overview

The Gold Rock royalty was acquired in August 2021, through the acquisition of Ely Gold.

Project Overview

The Gold Rock project is located approximately 50 kilometers southeast of the town of Eureka, Nevada on the prolific Battle Mountain-Eureka gold trend. The project is wholly owned and operated by Calibre Mining Corp. (“Calibre”) since acquisition from Fiore Gold Ltd. (“Fiore”) in January 2022.

Gold Rock is envisioned as an open pit operation, utilizing heapleach extraction for gold recovery. First work on the property began in 1979, with significant soil sampling and drilling exploration having been carried out since then.

Gold Rock is a federally permitted asset with 30% higher grade than the adjacent producing Pan Gold Mine (“Pan”) that has a PEA complete in 2020. Drilling, state permitting and technical studies are ongoing to support a feasibility study and construction decision. Calibre sees significant exploration potential within the resource areas and surrounding underexplored targets for future expansion.

After the acquisition of Fiore, Calibre stated that opportunities and value drivers of the project would be the drilling between deposits to potentially merge the pits, as well as expanding along strike and on parallel structures. Strong exploration results from the company so far support the potential to connect the pits.

In November 2022, Calibre reported high-grade drill results at Gold Rock detailing 6.8 g/t Au over 4.6 meters and 6.6 g/t Au over 5.8 meters. These new results indicate there could be a large, untested Carlin-style mineral system at depth, thus we are shifting our focus to beyond the near-surface oxide deposits. Calibre has since received the United States Bureau of Land Managements’ approval to modify the existing mining permit. By consolidating multiple open pits and expanding two waste rock areas, this modification would add five additional years of mining to the adjacent Pan mine heap leach operation in Nevada. Given Pan and Gold Rock have never been meaningfully explored at depth, a tremendous opportunity exists across the property package to unlock future value. The 2023 drill program at Gold Rock will focus on testing targets at depth with the belief there is considerable potential for a multi million-ounce Carlin-style target at depth throughout the Gold Rock corridor.