Patriot Gold owns a 3% royalty on the Moss Mine, now in commercial production and owned by Northern Vertex Mining Corp ("Vertex"). The Moss Mine is an open pit, heap-leach, gold-silver operation located in northern Arizona.
Vertex has continued to make significant progress in expanding monthly production, recently reporting record monthly production of 4,218 gold ounces and 37,171 silver ounces for July 2020. Vertex has also been conducting a drilling program with the goal of identifying additional ounces near the current pit and expanding the resource.
Patriot recorded $929,780 in royalty revenue during the first half of 2020, compared to $537,337 in the first half of 2019.
Patriot also owns a 2% royalty on the Bruner gold project ("Bruner"). The Bruner is owned by Canamex Gold Corp ("Canamex"). Although the Bruner is not in production, a Preliminary Economic Assessment (PEA) was completed on it in 2016, and an updated PEA in 2018.
Patriot also owns a 100% interest in three exploration projects: the Windy Peak gold project, the Rainbow Mountain gold project, and the Vernal gold project.
Patriot's Windy Peak gold project ("Windy Peak") is located approximately 45 miles southeast of Fallon in the state of Nevada, and consists of 114 unpatented claims totaling approximately 2,337 contiguous acres. Windy Peak is situated in a gold-producing region which hosts such deposits as the Paradise Peak and Rawhide. Windy Peak has been the focus of extensive historical work, including geologic mapping, rock and float sampling, geophysical surveys and drilling. Patriot has completed two drilling programs on the Windy Peak, the first consisting of a core drilling program in 2018, and the second consisting of a reverse-circulation drilling program in 2019. Both drilling programs have returned positive results, and further drilling is planned.
Patriot's Rainbow Mountain gold project ("Rainbow") is located approximately 23 km southeast of Fallon, in the state of Nevada, and consists of 81 unpatented lode claims totaling approximately 1,620 contiguous acres. Surface sampling has been conducted on Rainbow by Patriot and a drilling program is now permitted.
Patriot's Vernal gold project ("Vernal") is located approximately 140 miles east-southeast of Reno in the state of Nevada, and consists of 12 unpatented mining claims totaling 120 contiguous acres. Patriot has conducted geologic mapping and rock chip sampling, and has completed a National Instrument 43-101 technical report on the project.
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Disclaimer: This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties. Forward-looking statements in this news release may include statements in relation to the timing, cost and other aspects of future plans, objectives or expectations of Patriot Gold Corp. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Patriot's plans include the risk that actual results of current and planned exploration activities will not be consistent with Patriot's expectations; the geology, grade and continuity of any mineral deposits and the risk of unexpected variations in mineral resources, grade and/or recovery rates; fluctuating metals prices; unanticipated costs and expenses; uncertainties involved in the interpretation of drilling results and geological tests; availability of capital and financing required to continue Patriot's programs and preparation of geological reports and studies; delays in the preparation of geological reports and studies; general economic, market or business conditions; competition and loss of key employees; regulatory changes and restrictions including in relation to required permits for exploration activities (including drilling permits) and environmental requirements; timeliness of civil government or regulatory approvals; and other risks detailed herein and from time to time in the filings made by Patriot with securities regulators. In connection with the forward-looking information contained in this news release, Patriot has made numerous assumptions, including that Patriot's future exploration programs will proceed as planned and within budget. Patriot expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. More information is included in the company's filings with the Securities and Exchange Commission, and may be accessed through the SEC's web site at http://www.sec.gov