OPERATOR: NEWCASTLE GOLD LTD.
ROYALTY: NSR: 1-5%
The Castle Mountain mining property is located in California, close to the Nevada border and is in the historic Hart Mining District, 120 km south of Las Vegas, Nevada. The project is being advanced by NewCastle Gold Ltd. (“NewCastle”). In April 2016, Franco-Nevada agreed with NewCastle to restructure the existing royalties, previously NSRs ranging from 1% to 5%, into a single 2.65% NSR royalty covering a larger property. The Castle Mountain land holdings total greater than 40 km2 of patented and unpatented claims. The mine was previously operated by Viceroy Gold and MK Resources and produced over 1.2 million ounces of gold over a 10 year mine life with residual mining through 2004. NewCastle reported promising drill results during 2016 and raised additional funding to advance the project. The project has an existing mining permit in place through 2025. NewCastle is advancing local operational permits through 2017/2018 which includes water supply and construction, air emissions and explosive permits.