ELKO — International Enexco Ltd. announced the company has completed a transaction with Allied Nevada Gold Corp. for Allied Nevada’s properties adjacent to Enexco’s Contact Copper Project in Elko County.
The deal originally announced in July gives Enexco roughly 8,400 acres near Jackpot, putting Enexco’s project area at roughly 13,000 acres.
Vancouver-based Enexco acquired the property from Allied for nearly 3.23 million shares.
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Enexco President and Chief Executive Officer Arnold Armstrong stated the company is assessing what changes the acquisition will have on its feasibility study now under way.
“A key element of this acquisition is removing the limitations of property boundaries on the mineable reserves in our copper oxide project,” he said in the announcement this week.
“Beyond that, this acquisition opens up longer-term exploration targets for us in the district, targets that previously had divided ownership or were under Allied Nevada control. This acquisition is a major step forward for Enexco and the Contact Copper Project, and we appreciate Allied Nevada’s support,” Armstrong said.
Enexco’s pre-feasibility study showed the Contact Copper Project had 54.15 million tons of copper reserves and 135.1 tons of measured and indicated copper resources.