By Bob Moriarty
321Gold
In September of 2012 I wrote a piece about the heroes of mining. The first person mentioned in the article was Carl Pescio from Nevada. Carl staked hundreds of properties in Nevada before joining forces with Vista Gold to form Allied Nevada in 2008. Allied did very well for years before needing to raise over $1.3 billion to build a processing plant to process 120,000 tonnes per day of sulfide material. That sort of money just isn’t to be found easily today and Allied Nevada slid over 90% from $45 a share in 2011 to just over $4 today.
Carl kept a few of the choice projects and did a deal with a tiny junior named Rimrock Gold (RMRK-OTCBB) on several project surrounding the ultra high-grade Hollister Mine northwest of Elko Nevada at the intersection of the Carlin Trend and the Northern Nevada Rift. When it was in production, the Hollister Mine produced 80,000 ounces of gold a year at a grade of 1.3 ounces per tonne.