Denver's Solitario Exploration & Royalty Corp. said last week it's provided additional funding for the Mt. Hamilton gold project under development 40 miles west of Ely.
Ely Gold & Minerals Inc. of Vancouver is developing the project in the White Pine Mountains. It includes 91 mining claims totaling about 1,380 acres.
Solitario executives said last week that shareholders of Ely Gold & Minerals have approved a proposed joint-venture agreement between the two companies. Once the agreement is signed, Solitario said the companies expect to get two drill rigs to work on the prospect as the next step toward creation of a feasibility study that can be taken to a bank for financing.
In the meantime, Solitario provided $250,000 (Canadian) for the project, boosting its total investment to $500,000 (Canadian). It's committed to investing $1 million on exploration and feasibility work.
It stands to earn an 80 percent interest in the project.
