Drilling started at the Spring Valley gold project in Nevada, on which Terraco Gold Corp. (TEN:TSX.V; TCEGF:OTCPK) owns various royalty assets. Waterton Global Resource Management, a private equity firm, is conducting the drilling, currently using two rigs.
Spring Valley hosts an NI 43-101 compliant gold resource of 4.12 million ounces of gold Measured and Indicated and 990,000 ounces Inferred.
"We are excited to see that Waterton Global Resource Management is currently drilling at the multimillion-ounce Spring Valley Gold Project. We believe that Spring Valley is a key asset within Waterton's asset portfolio, and this drilling program clearly confirms its commitment and priority to advancing the project," Terraco President and CEO Todd Hilditch said in a news release. "We believe that Spring Valley is the only remaining multimillion-ounce Nevada-based gold asset that is currently not owned by a major gold production company. As a significant royalty holder of Spring Valley, we are extremely pleased to see forward momentum on site at Spring Valley."
The royalties that Terraco owns at the project include up to a 3% net smelter return (NSR) on a majority of the current resource, a 1.5% NSR on a portion of Spring Valley on the resource's north side, a 2% NSR on the Moonlight Project abutting Spring Valley to the north and a 0.5% NSR on other properties.
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