In 2016, Premier secured an option to earn a 50% interest in the Goldbanks Property from Kinross Gold Corporation. Goldbanks located in the Goldbanks Hills, a low divide extending eastward off of the East Range, between Grass Valley and Pleasant Valley, approximately 45 km south of Winnemucca, in Pershing County, Nevada (Fig. 1b). The project is accessed via well maintained country roads which can be traveled year round with minimal maintenance. Goldbanks is situated in topographically subdued low grassy hills on the eastern slope of the East Range, with elevations that range from 4,800 to 6,400 ft above mean sea level. The project is on federal lands administered by the BLM with reasonable mining regulations. From a mine development standpoint, the location of the Goldbanks project is excellent.
Goldbanks is the largest-endowed Northern Nevada Rift-related gold deposit without a known and delineated discrete high grade “feeder” vein system. All or nearly all of the epithermal system at Goldbanks remains preserved beneath a silica cap, exposed over a distance of greater than three miles. Recent reinterpretation of the geology at the known, low grade disseminated gold, open pit heap leachable resource areas at Goldbanks has resulted in the development of a much more concise, predictable and realistic geologic model.