Austral Gold Limited announced that its wholly-owned subsidiary, Argentex Mining Corp., has completed the acquisition of Canadian company Ensign Gold for C$1,487,500.
Ensign is a privately-held federally incorporated company currently assembling a 5,000-hectare land package on favourable Carlin-type gold deposit geology in the state of Utah with the goal of consolidating the Mercur camp for the first time.
The company owns 54 patented claims, 370 unpatented claims, and 5 SITLA claims on South Mercur, West Mercur and North Mercur. Historically, this region produced over 3 million ounces of gold and was shut down over two decades ago when gold was selling for less than $300 per ounce.
Austral Gold’s Chief Executive Officer, Stabro Kasaneva, said the investment in one of the first Carlin type discoveries, with significant exploration upside, was consistent with the company’s expansion plans into North America.
“The Mercur property is adjacent to the prolific Bingham Canyon mine which has produced over 50 million ounces of gold and over 30 million tonnes of copper on the other side of the mountain range,” he continued.
“This represents a modest investment to potentially unlock another gold opportunity for us in North America.”
