It is a well-understood concept in the mineral exploration industry that the best place to find gold is next to existing gold deposits. Economic mineral deposits often occur in clusters.
There are no gold districts within the United States which rival the magnitude of those found in the state of Nevada. The state of Nevada is producing billions of dollars of gold for the world's gold market.
Gold is the leading commodity produced in Nevada. Nevada mines produced 6.04 million ounces of gold in 2007, according to company reports compiled by the Nevada Division of Minerals. While the production level is down approximately 4% from 2006, Nevada remains the nation's top gold producing state with the United States being the world's second largest gold producer after China.
Nevada’s calculated value of the 2007 gold production is about $4.20 billion, up from about $3.80 billion in 2006. This is based on an increase in the average gold price in 2007 to $695 per ounce, up from $603 per ounce in 2006.
The gold in Nevada is clustered in several major areas. The most well-known is the massive Carlin trend in northeastern Nevada, which has accounted for nearly 50% of Nevada gold production in recent years. The Carlin trend has surpassed the 50 Million ounce production mark and continually produces more gold than any other mining district in the United States.
Some of the major gold mines in the Carlin trend include Barrick’s Betze-Post (Goldstrike) gold mine which has produced over 30 million ounces of gold since inception and 1.2 million ounces of gold in 2007 alone. Newmont’s Carlin operations produced over 1.3 million ounces of gold in 2007.
The Walker Lane District is another area of Nevada which has become known for significant gold deposits, and has been referred to as the "Walker Lane Golden Corridor". This district hosts major producing gold mines, including Round Mountain which has produced over 10 million ounces since inception; the Gold Hill property which hosts a 4.5 million ounce deposit; the Bullfrog Mine which was the nation’s second largest underground gold mine in 1996, producing over 3.5 million ounces of gold; Paradise Peak which has produced 1.6 million ounces of gold and 22 million ounces of silver; the Rawhide Mine and surrounding area which has produced over 1.1 million ounces of gold and 9 million ounces of silver; the Cortez Mine; Gemfield...the list goes on.
It is with this in mind that Patriot Gold has developed its considerable land base in the Walker Lane District, and the greater geological area surrounding it. For a detailed description of our properties, click "Projects".