A Nevada gold project acquired by Capricorn Metals only last year is changing hands again, giving Sentinel Metals about two million ounces of gold resources across two US projects.
Sentinel is buying the Big Springs Gold Project for up to $26 million, pairing its 1.01-million-ounce resource with Sentinel’s 920,000-ounce Columbia Gold-Silver Project in Montana.
“The acquisition of Big Springs represents a major strategic step for Sentinel, creating a compelling North American gold development platform with approximately 2Moz of gold resources across two highly attractive US projects,” Sentinel managing director Matt Herbert said.
Big Springs is no untouched deposit. The project produced about 386,000 ounces of gold from seven open pits between 1987 and 1993 and now holds a 15.5-million-tonne resource grading two grams per tonne.
The project lies in north-eastern Nevada, near the Jerritt Canyon mine complex and about 70km north-east of the Carlin Trend, one of the United States’ best-known gold districts. Mining at Big Springs is permitted for both open pit and underground operations.
Capricorn picked up Big Springs through its 2025 takeover of Warriedar Resources. Less than a year later, it is selling the project but keeping a foot in the door through $5 million in Sentinel shares and a proposed $3 million investment in the buyer.
“Following a strategic review of the Big Springs Gold Project, Capricorn determined that divestment was the preferred pathway to realise value from the asset while maintaining exposure to its future upside,” Capricorn executive chairman Mark Clark said.
Capricorn will also receive $8.5 million in cash, with another $12.5 million dependent on Big Springs reaching development and production milestones.
Sentinel’s attention is already turning below the old pits, where high-grade mineralisation remains open at depth.
“We see near-term opportunities to grow the existing Resource through drilling of high-grade extensions beneath the historical pits,” Herbert said.
A planned $15 million capital raising will help pay for the acquisition and exploration at Big Springs and Columbia. Sentinel has further targets across 93 square kilometres of ground surrounding the Nevada project.
That leaves $12.5 million of Capricorn’s return riding on how far Sentinel can take Big Springs.
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