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USA Graphite recently announced it has issued two million shares of the company’s common stock to acquire the Gordon Creek Graphite property, 10 lode claims covering an area of 206 acres. The area is reportedly a newly discovered graphite occurrence with flake graphite present and visible at the surface.
Elko County, Nev., is a well-known mining district with companies such as Barrick Gold and Newmont Mining operating in the area. The property lies within the Eastern Humbolt Range, a Cordilleran metamorphic core complex. This area of high-grade metamorphism has both graphitic marble and graphitic gneiss.
The financial terms of the transaction consists of approximately $1.2 million in cash and stock, and a $500,000 work program commitment. A production net smelter royalty will also be paid to NV Minerals equal to 2% of the net smelter returns.
“We are excited to add the Gordon Creek Property to our graphite portfolio,” said Wayne Y. Yamamoto, president and CEO of USA Graphite. “Encountering flake graphite at surface on the Gordon Creek Property further confirms our commitment to own high-quality graphite projects in the USA.”
For additional information, visit www.usa-graphite.com.