Vancouver-based Centurion Gold (VSE) is looking forward this year to new mining activity on claims surrounding Newmont Gold’s (NYSE) Gold Quarry open pit mine near Carlin, Nev. Centurion owns 51% of a private company that holds an 8% net smelter royalty on Newmont’s Good Hope claims where mining operations are expected to begin this year. Containing estimated reserves of about 30,000 oz., they will become part of the Gold Quarry mine.
The private company also owns an 8% net smelter royalty on a 100-acre property 1 1/2 miles further northeast. Known as the Copper King claims, they are expected to be mined as part of Newmont’s 15.8-million-ton, grading 0.059 Tusc deposit by 1994.
In 1989, Centurion earned $611,000 in revenues from royalties interests on two Nevada gold mines owned by Nevada Goldfields (TSE) and Minerex Resources (TSE).
But if everything goes according to plan at Gold Quarry, Centurion’s royalty revenues should double this year to over US$1 million, Vice-President Richard Ketchen told The Northern Miner.
Centurion is also involved in two other U.S. gold projects with partners Battle Mountain Gold (TSE) and Western States Minerals. Respectively, they are the San Juan Placer gold bet in Nevada and Zaca gold project in California.
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