Nation Gold to Buy Bonito Gold-Silver Project

Nation Gold Corp. has entered into a definitive purchase agreement to acquire 100% ownership of the Bonito gold-silver project in New Mexico. The Bonito Project comprises 25 unpatented mineral claims in the Nogal-Bonito Mining District.

The company also announced a non-brokered private placement of common shares for gross proceeds of up to $2.2 million. The release notes previous operators (Pioneer Metals and Placer Dome) invested about US$10 million in exploration work, including 3,000 metres in 75 historical shallow drillholes from 1985 to 1989, with no modern drilling since 1990.

Nation Gold frames the asset as an underexplored gold-silver system with historical shallow drilling and an untested depth target below 120 metres.