Aug 17 2015
Patriot Gold Corp. is pleased to announce it has acquired a 100% interest in the Windy Peak Gold Project, consisting of 79 unpatented mineral claims located in the Fairview mining district in southwest Nevada.
Moss Mine Project in Arizona
Windy Peak is easily accessed, and is approximately 45 miles southeast of Fallon and 6 miles from Middlegate. The project is not subject to any underlying option agreements or royalties.
Extensive historic work has been conducted on the project, including geologic mapping, rock and float sampling, geophysical surveys and drilling. Several drill-ready targets have been identified which will test the project's potential for large-tonnage, disseminated gold mineralization adjacent to gold-mineralized structures.
Update on Moss Mine Gold/Silver project in Arizona
Patriot's 100%-owned Moss Mine gold/silver project is an advanced mining project in northern Arizona (Bullhead City). The mine is subject to certain royalties and an earn-in option agreement for a 70% interest by earn-in optionee/operator Northern Vertex Mining Corp., which expires in February 2016. In January 2015 Patriot announced it had issued a demand for arbitration to Northern Vertex relating to the scope and technical details of Northern Vertex's proposed Bankable Feasibility Study which it is required to produce under the option agreement. The study produced by Northern Vertex has been rejected by Patriot. Also, a subject of the arbitration is the more than $5mm in revenue associated with the sale of precious metals produced from the mine to-date. Patriot has notified Northern Vertex that they have, in Patriot's view, failed to comply with the earn-in requirements of the agreement.
Justice Robert E. Rose (Ret.) been appointed as the arbitrator. Justice Rose has served as a Chief Justice of the Supreme Court of Nevada.
A date has been set by Justice Rose for the arbitration to take place December 7th through 10th 2015.