NEW YORK, NY, Jul 29, 2021 (GLOBE NEWSWIRE via COMTEX) -- NEW YORK, NY, July 29, 2021 (GLOBE NEWSWIRE) -- Black Mountain Gold USA Corp. (otcqb:BMGCF) /zigman2/quotes/205193460/delayed CA:BMG -3.33% /zigman2/quotes/223561747/delayed DE:9WW 0.00% is confidently moving forward with its Exploration Plan of Operation on the company's Mohave Gold Project in the Black Mountains of Mohave County, Arizona--and for good reason. After taking over the project in mid-2020 via a joint venture option agreement, Black Mountain Gold (BMG) was born, and the company's shareholders welcomed a leadership team with a proven track record of success.
After all, the team that is now centrally focused on leading BMG into the future is no stranger to building companies and creating successful exit strategies. It's much the same team that spent the last four years positioning Millennial Lithium Corp. /zigman2/quotes/209453479/delayed CA:ML +0.83% (otcqx:MLNLF) /zigman2/quotes/204462992/delayed DE:A3N2 +0.60% as a desirable, advanced-stage lithium company, and then, in turn, negotiated the company's acquisition in a $353-million all-cash deal that was announced earlier this month.
Instrumental in the development and subsequent acquisition of Millennial Lithium Corp. (Millennial) were three of BMG's four current directors, including BMG's President and Chief Executive Officer (CEO), Graham Harris (Millennial Founder and Chairman, Board of Directors), Farhad Abasov (Millennial President, CEO and Director), and Dr. Peter J. MacLean (Millennial Senior Vice President-Technical Services). BMG's directors negotiated an appealing, shareholder-friendly deal that offered a significant premium of about 21 percent over the 20-day average closing price for Millennial's common shares on the TSX Venture Exchange.
It's an acquisition deal that BMG Director and Millennial CEO, Farhad Abasov, said provided a very attractive opportunity for Millennial's shareholders to realize full liquidity at a substantial premium to the current share price. "The arrangement firmly validates the efforts of the Millennial team in the past four years."
Now, the team that makes up the Board of Directors (BoD) at BMG, which also includes Luke Norman, a seasoned growth executive with 20 years of experience in the venture capital markets, turns its attention from lithium to gold. The focus is on developing BMG into their next resource company success, and their stated vision is to identify and acquire gold assets amenable to cost effective open-pit mining and heap leaching. According to BMG's BoD, they will execute their strategy with an aggressive exploration and development program designed to fast track the project to potential production, including an expected 5,000-meter drilling program in 2021.
There are a host of advantages that make the Mohave Gold Project an ideal property for this credentialed group and their performance history in the industry to take on as its next endeavor. First and foremost, the Mohave Gold Project, which encompasses 160 claims on about 3,200 acres, is ideally situated in mining-friendly Arizona in the well-known Walker Lane Gold Trend alongside numerous other producers. The project is host to high-grade and widespread anomalous gold-in-soil geochemistry, and there are multiple historic gold mines in the project area that are surrounded by mineralization and are open along strike and at depth.
Next, because previous development activity has outlined gold mineralization that is potentially amenable to "open pit mining" and "heap leaching," further development of the Mohave Gold Project could result in lower, more cost-effective operations than usual. Additionally, the previous owners invested approximately $12 million in the project while preparing for mining operations, including mining infrastructure, so BMG's continued development with the necessary infrastructure already in place on the property, should expedite operations and lead to lower capital expenditures and operating expenses on the project.
Finally, the potential upside on the project is extremely favorable. This year BMG performed channel sampling that has already confirmed widespread gold mineralization, including 53.8 g/t Au and 94.2 g/t Au over 2.8 meters and 0.71 g/t Au over 24.8 meters, which corroborates other historic sampling done on the property. These results add to an already extensive exploration database that BMG can build upon, including rock chip sampling, soil geochemistry and drilling at principal prospects.
BMG is in very capable hands as it moves into the future and develops the Mohave Gold Project. The company's Board of Directors has a combined 103 years of experience across a range of necessary industry-related fields, which makes this group a "dream team" of sorts.
Graham Harris, CEO and Director of BMG, has over 40 years of experience in the finance industry where he has directly raised over $400 million in development and venture capital for both public and private companies.
Farhad Abasov joins BMG's BoD with 18 years of experience in founding and managing natural resource companies. He, too, has a proven track record of raising funds as he's directly responsible for raising over $500 million for public and private companies in both the energy and mining sectors.
Dr. Peter J. MacLean brings over 25 years of exploration and development experience in North America, South America, and Africa to the company's BoD. He has worked extensively on base metal and precious metal projects throughout the Americas with various companies.
Luke Norman joins this talented group of directors with 20 years of expertise in mineral exploration, finance, corporate governance, M&A, and corporate leadership. Norman has also raised more than $300 million for both public and private companies predominantly in the resources sector.
BMG shareholders can be nothing but confident as the project develops over the coming years especially with the knowledge that this team is thoroughly tested and its broad range of experience makes them the perfect fit for developing the Mohave Gold Project and positioning BMG as a player in the mining sector.
About Black Mountain Gold USA Corp.
Black Mountain Gold USA Corp. is currently in the exploration and development stage on its Mohave Gold Project in the Black Mountains of Mohave County, Arizona. Black Mountain Gold has the option to earn 90 percent of the prospective Mohave Gold Project located in the Walker Lane Gold Trend extension into Arizona. Past exploration and development history indicate potential for an open pit heap leach gold mining and production operation on the 3,200-acre project.
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