Nevada Sunrise (NEV.V) has announced Pilot Gold (PLG.TO) started its 2013 exploration program at the Mt Kinsley joint venture. Pilot Gold plans to drill an additional 20,000 meters this year, after completing 12,000 meters last year which allowed them to vest an interest of 65% in Nevada Sunrise’s project.
The current program will be focusing on extending and expanding the high-grade and bulk tonnage mineralization at Mt Kinley in Elko County, Nevada. As Pilot Gold has completed its 65% earn in, Nevada Sunrise will have to fund its 35% share of exploration expenses which are estimated at $5.5M. This means Nevada Sunrise will have to find approximately C$2M to be able to fund the current exploration program to avoid a dilution of its interest in the project.
As Nevada Sunrise has a working capital of just $750,000, I expect them to raise more money fairly soon.
> Click here to read the press release
Disclosure: The author holds no position in Nevada Sunrise. Please see our disclaimer for current positions.
