ATW Gold Corp. (TSX-Venture:ATW) is a company that is constantly on the move and making transactions to expand its organization. The Vancouver, British Columbia-based exploration company engages in the acquisition, exploration, and development of interests in gold mining projects in Canada, Argentina, and Australia. ATW Gold has 100% interests in the Gullewa Gold Copper Project located in Western Australia and recently signed an agreement to earn an 80% interest in the Cobra Gold Project, which is also located in Western Australia.
In typical forward moving fashion, ATW announced the signing of a Letter of Intent with 0857796 B.C. Ltd. for the purchase of a 100% interest in 64 untapented lode claims in western Utah known as the “Honey Comb Hills Project.” The project is located in the Fish Creek District in Juab County roughly two and a half hours southwest of Salt Lake City and in the area of Great Western Minerals Group’s (Pink Sheets:GWMGF) Deep Sands rare earth elements project.
While the project is still in exploratory stages, initial knowledge of the project combined with initial assay results lead to the prospect of higher grade materials within the area. The project is known to contain an alkali rhyolite flow dome complex which exhibits rare earth elements such as lithium, beryllium and rubidium. Initial surface samples show up to 1043 ppm total rare earth oxides.
Adding to the belief that the land may contain substantial materials is the fact that the Honey Comb Hills Project is in the same county, and hosts a similar geologic environment, to nearby Spor Mountain Mine. This mine is owned by Brush Engineered Metals and produces approximately 48,000 tonnes of bertrandite ore annually grading 0.35% beryllium representing nearly 60% of the world’s production. Studies conducted by the U.S. geological survey and by the U.S. Bureau of Mines in the 1960's confirm the extent and grade of the beryllium deposits in this area.
ATW has proven to be very adept at acquiring properties that have undiscovered resources. After acquisition and proper due diligence through mapping and sampling to confirm initial beliefs, ATW has inked agreements for the properties to reap rewards for the Company.
ATW’s Gullewa Gold Copper Project is located 450 kilometres north of Perth, in the Yalgoo mineral fields of Western Australia. Gullewa is a 550 sq kilometre property that hosts several gold deposits of various size and grade, the most significant being the Deflector gold-copper deposit. Additionally, the Gullewa Gold Project has infrastructure intact including a 800 tonne per day CIL plant, a licensed tailings disposal facility, a 50-person camp, offices, and workshops. In July, ATW signed an agreement with Mutiny Gold Ltd. whereby Mutiny may earn a 70% interest in Gullewa by making exploration expenditures and paying ATW a total of AUD$9,000,000 and earn and extra 30% through contractual agreements and an additional AUD$4,000,000 at which time ATW will still retain a 10% net profit interest.
The ability to negotiate deals as ATW has done throughout the course of the year make it a company to keep on radar. Mutiny is in the process of moving forward with drilling on the Gullewa project and, upon completion of terms, reports from the Honey Comb Hills Project should not be far behind. The stock price has recently made a very nice move off a bottom at $0.05 and is now trading over ten cents, but still has plenty of room for advancement as it can still more than double again to reach its 52-week highs. Traders will be on alert for news of further developments that can possibly send ATW on another run.
