July 24, 2024
Property

Orla acquires Nevada’s Pony Creek property through Contact Gold takeover


The precious metals company Orla Mining Ltd. (TSX: OLA) significantly expanded its Nevada territory this week by closing its acquisition of Contact Gold and its 4,500-hectare Pony Creek property.

The site is right next to Orla’s South Railroad project in the state’s Carlin gold trend. The acquisition also came with the Green Springs property, located at the tail end of the Cortez trend to the southwest.

Orla will raise its exploration budget by C$3 million to pursue new targets at Pony Creek and capitalize on the property’s potential. The company’s 2024 budget will total C$14 million.

“Contact’s Pony Creek property is a valuable complement to our South Railroad project, one our key growth opportunities,” Orla chief executive Jason Simpson said in February when the acquisition agreement was written.

Over 7,000 metres of drilling will be completed at Pony Creek this year.

For Green Springs, an earn-in agreement is currently in place with Centerra Gold Inc. (TSX: CG), which has the right to acquire up to 70 per cent. This would be made possible by Centerra investing C$10 million over a 4-year period concluding at the end of 2026.

Green Springs is situated 7 kilometres west of Calibre Mining Corp’s (TSX: CXB) (OTCQX: CXBMF) Gold Rock operation and 20 kilometres southeast of Calibre’s Pan mine.

Read more: Calibre Mining pulls high value gold and silver in Nicaragua

Read more: Calibre Mining remains on track to deliver on its 2024 guidance of between 275-300K ounces

Orla women recognized for mining industry contributions

The company’s Community Relations Manager, Jaymie Donovan, received a Certificate of Special Congressional Recognition from Nevada Senator Jacky Rosen earlier this month. It was presented to her at the Women in Mining USA conference.

Photo credit: Orla Mining

Furthermore, Orla’s Manager of Environmental Permitting & External Relations, Stellamaris Tile, received the “Woman of Gold” award in March. It was bestowed by Central America’s chapter of Women in Mining.

The Cerro Quema operation in Panama was the first asset Orla acquired when it was founded in 2016. It produces about 80 kilo-ounces of gold per year.

 

Calibre Mining is a sponsor of Mugglehead news coverage

 

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