Troy Mine Acquisition
On August 13, 2019 the Company acquired the assets of Troy Mining Corp, a Nevada corporation (“Troy”). This acquisition includes 78 gold mining claims located east/southeast of El Portal, California, in Mariposa County. Under the terms of the asset purchase agreement, we acquired 100% of the assets for stock and cash. Such assets include a production processing mill together with associated buildings, all the mining and support equipment at the Troy mine site, all the Troy mining claims, and related geological reports relating to the property, assay reports on the property, and all core drilling samples.
Based upon the extensive geological reports, core drilling samples, and existing portals, the company believes it can rapidly bring this mining property into economic production. Below is a chart illustrating the Robert Garcia Valuation that was prepared in 2004 which sets out the Gold Resource estimates respecting AT&E claims (a.k.a. USA Mining claims) of which the Troy claims are a subset.
|Description||Garcia Valuation Est.||Resources Est. a.||Resources Value b.|
|Mining Claims||2,048,720 oz||2,048,720 oz||$3.87 billion|
a/. The above chart above was created using data received by the company prior to purchasing the claims. The company has commissioned a new assay for these claims which is currently being completed. The company plans to stake additional claims and commission assays for these and any other claims held, as soon as possible,
b/. The price of gold per troy ounce at the close on May 1, 2022 (approximately, $1,890.00/troy oz
Following the acquisition of the Troy mine and claims Star Alliance International Corp has made significant progress in the protracted process of re-establishing production in the former Troy facilities. Currently, work is being completed on an updated assay report for the former Troy claims. Star anticipates completion of the assay report in 90-120 days. In addition, Star has received and reviewed estimates for the staking of several target claims in the area, including claims that have generated significant revenue with moderate to minimal production efforts.
Star anticipates significant progress on the ground over the next quarter and estimates that initial production will begin in 2023. Current efforts are focused on completing the assay work and staking program as well as significant survey, site maintenance and other assessment and exploration work.