Golden Gate is immediately adjacent to the 15,000,000 ounce Goldrush deposit which is owned by Nevada Gold Mines, the joint venture between Barrick (ABX:TSX) and Newmont (NGT:TSX).
In July, 2020, American Eagle Gold entered into an agreement to acquire the Golden Trend Project in the Cortez Trend district of Nevada from Rubicon Resources Inc. ("Rubicon"). Previous to Rubicon Resources, Kinross Gold owned the project but only drilled two exploration holes. Despite having numerous owners in the past, the property remains relatively unexplored with next to no historical drilling at depth.
In June, 2021, American Eagle Gold completed a purchase agreement for the Garden Gate Pass ("Garden Gate") property in the Cortez mining district, Nevada, USA. Garden Gate is a contiguous expansion of the Company's flagship Golden Trend property ("Golden Trend") and more than triples its land package (2,225 acres to 7,574 acres) immediately south of Barrick and Newmont's Cortez joint venture. This is how American Eagle's Garden Gate and Golden Trend became referred to as the Golden Gate Project ("Golden Gate").
The company’s philosophy is to be located in one of the most prolific and investor-friendly gold jurisdictions in the world, Nevada.
The Golden Gate property is sought-after real estate, given it is strategically located within the prolific Battle Mountain – Eureka trend. The Golden Gate property spans 7,574 acres and lies immediately adjacent to the Goldrush deposit property and directly south of, and along the same structure as Barrick's Cortez mine. The Company believes that different Golden Gate shares similar geology to both Barrick's Goldrush and Cortez Hills deposits.
The Golden Gate property is centred on an exposure of the upper plate siliclastic rocks of the Vinini Formation hat is bounded by the Cortez fault system to the west and the Northern Nevada Rift to the east. A series of northeast trending, steeply dipping reverse faults transect the property and are coincident with anomalous, albeit low level, gold, arsenic and mercury soils suggesting these structures provided channel ways for mineralized hydrothermal fluids.
The presence of lower plate carbonaceous lithologies that host the major Goldrush, Cortez and Pipeline deposits has been noted in a single drill hole collared near the northern boundary of the claim block. The confirmation of Carlin-style host rocks, the diagnostic chemical signature and proximity to known multi-million ounce deposits all suggest the Golden Gate property is worthy of additional exploration work.
Future exploration will focus on defining deep drill targets by analysing the relationship between the productive structures, geochemical anomalism and possible geophysical signature of buried Carlin-style deposits.