Fairchild Gold (TSX-V: FAIR) has signed a Memorandum of Understanding to acquire a 100% interest in the Golden Arrow Project, an advanced-stage gold property located along Nevada’s Walker Lane Shear Zone. As reported in an article by Ryan D. Long, the US$5 million transaction—valued at roughly US$12 per ounce of gold in the ground—will expand Fairchild’s total land position by 170% to 64.5 km² through the addition of Golden Arrow and the Nevada Titan Project.
The Golden Arrow Project hosts a historic resource of 420,000 ounces of gold at an average grade of 0.75 g/t and has undergone extensive exploration totaling more than 61,000 meters of drilling. Under the proposed terms, Fairchild will issue 12.5 million shares, a US$3.5 million secured note, and a 0.5% NSR royalty to Emergent Metals Corp. upon completion of the deal. As part of the transaction, Fairchild will also appoint veteran mining engineer Guy Lauzier—formerly with Barrick, Newmont, and Agnico Eagle—as Technical Director to advance development of the project.
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About Fairchild Gold Corp.
Fairchild Gold Corp. is a mineral exploration company focused on acquiring, exploring, and developing high-quality mineral properties in mining-friendly jurisdictions. The Company’s flagship Nevada Titan Project is in the historic Goodsprings mining district in Nevada, USA. The Company is also the 100% owner of the Fairchild Lake Property consisting of 108 mining claims covering an area of 2,224 hectares, located approximately 250 kilometers northwest of the city of Thunder Bay in the Patricia Mining Division, Ontario.
For more information on the Company, visit https://www.fairchildgold.com/
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