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UPDATE - Meadow Bay Gold gets environmental OK for Western Knolls

Meadow Bay Gold said an environmental impact assessment on its Western Knolls project was accepted by the Bureau of Land Management, enabling work to begin on the project.
UPDATE - Meadow Bay Gold gets environmental OK for Western Knolls
Western Knolls is located 5km west of Meadow Bay’s flagship Atlanta gold project

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Meadow Bay Gold (TSE:MAY) said an environmental impact assessment on its Western Knolls project was accepted by the Bureau of Land Management, enabling work to begin on the project.

It received a Finding of No Significant Impact from the bureau, which administers almost 48mln acres of public land in Nevada. 

Western Knolls is 5km west of Meadow Bay’s flagship Atlanta Gold mine project in Nevada. 

“While the two projects are likely genetically related, they represent distinctly different exploration targets,” the company noted.

Meadow Bay bought the historic Atlanta mine project in 2011 and acquired most of the remaining ground in the district. Atlanta was a small-scale mine until 1985 when it was shut down due to low gold prices.

A recently conducted gravity survey on Western Knolls is being integrated with other geologic, geophysical and geochemical data to determine initial drill hole targets.

“The results of these studies suggest that the Western Knolls is a target-rich environment,” the company said. “The Western Knolls has never been drilled - an unusual exploration opportunity in Nevada given the intense exploration the state has received over the last thirty years.”

Nevada is no stranger to gold mining with 11 of the top 20 gold mines in the US located in the state. Nevada accounts for almost three quarters of the country’s gold production and 5.9% of gold output worldwide, according to the US Geological Survey.

Meadow Bay continued to make progress at Atlanta last year during a difficult time for many exploration juniors as metal prices declined and financing dried up, forcing many to suspend activities. 

Gold prices, despite recent downward pressure following interest rate hints by US Federal Reserve Chair Janet Yellen, are still up almost 9% this year and are on track to post the best quarter since the third quarter of 2012.

Shares in the company have jumped 52% so far this year. 

Meadow Bay successfully raised $900,000 this month through a private placement. 

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