NEVADA CANYON EXERCISES AN AMENDED OLINGHOUSE ROYALTY OPTION TO PURCHASE AGREEMENT
Nevada Canyon Gold Corp. (OTC: NGLD) has exercised an amended Option to Purchase Agreement, acquiring a 1% production royalty on the Olinghouse Project in Nevada. The company paid $1.5 million in cash, including previous payments of $240,000, for a total consideration of $1.74 million. This acquisition strengthens Nevada Canyon's royalty portfolio at a lower cost basis than originally planned.
The Olinghouse Project, located 30 miles east of Reno, has a historical resource based on over 600 drill holes. The current owner, Lake Mountain Mining , is reviewing plans for additional exploration, permitting, and potential production restart. Nevada Canyon's CEO, Alan Day, stated that this acquisition offers excellent leverage to gold prices and continues their Nevada-based royalty acquisition strategy.
Nevada Canyon Gold Corp. (OTC: NGLD) ha esercitato un contratto di opzione modificato per l'acquisto, acquisendo una royalty di produzione del 1% sul progetto Olinghouse in Nevada. L'azienda ha pagato $1,5 milioni in contanti, inclusi pagamenti precedenti di $240.000, per un corrispettivo totale di $1,74 milioni. Questa acquisizione rafforza il portafoglio di royalty di Nevada Canyon a un costo inferiore rispetto a quanto inizialmente previsto.
Il progetto Olinghouse, situato a 30 miglia a est di Reno, ha una risorsa storica basata su oltre 600 fori di perforazione. L'attuale proprietario, Lake Mountain Mining, sta esaminando piani per ulteriori esplorazioni, permessi e un possibile ripristino della produzione. Il CEO di Nevada Canyon, Alan Day, ha dichiarato che questa acquisizione offre un'eccellente leva sui prezzi dell'oro e continua la loro strategia di acquisizione di royalty in Nevada.
Nevada Canyon Gold Corp. (OTC: NGLD) ha ejercido un contrato de opción modificado para la compra, adquiriendo una royalty de producción del 1% en el Proyecto Olinghouse en Nevada. La compañía pagó $1.5 millones en efectivo, incluyendo pagos previos de $240,000, para un pago total de $1.74 millones. Esta adquisición fortalece el portafolio de royalties de Nevada Canyon a un costo inferior al inicialmente planeado.
El Proyecto Olinghouse, ubicado a 30 millas al este de Reno, tiene un recurso histórico basado en más de 600 perforaciones. El propietario actual, Lake Mountain Mining, está revisando planes para exploración adicional, permisos y un posible reinicio de la producción. El CEO de Nevada Canyon, Alan Day, declaró que esta adquisición ofrece una excelente palanca sobre los precios del oro y continúa su estrategia de adquisición de royalties basada en Nevada.
Nevada Canyon Gold Corp. (OTC: NGLD)는 수정된 구매 옵션 계약을 집행하여 네바다의 Olinghouse 프로젝트에 대한 1% 생산 로열티를 인수했습니다. 이 회사는 총 $1.74 백만을 위해 $1.5 백만의 현금을 지불했으며, 이전 지불액 $240,000을 포함합니다. 이번 인수로 네바다 캐년의 로열티 포트폴리오가 원래 계획보다 낮은 비용으로 강화되었습니다.
Olinghouse 프로젝트는 리노에서 동쪽으로 30마일 떨어진 곳에 위치해 있으며, 600개 이상의 굴착공을 기반으로 한 역사적 자원이 있습니다. 현재 소유주인 Lake Mountain Mining은 추가 탐사, 허가 및 잠재적 생산 재개를 위한 계획을 검토하고 있습니다. 네바다 캐년의 CEO인 Alan Day는 이 인수가 금 가격에 대한 훌륭한 레버리지를 제공하며, 네바다 기반의 로열티 인수 전략을 지속한다고 밝혔습니다.
Nevada Canyon Gold Corp. (OTC: NGLD) a exercé un contrat d'option modifié d'achat, acquérant une royalty de production de 1% sur le projet Olinghouse au Nevada. L'entreprise a payé 1,5 million de dollars en espèces, y compris des paiements précédents de 240 000 dollars, pour un montant total de 1,74 million de dollars. Cette acquisition renforce le portefeuille de royalties de Nevada Canyon à un coût inférieur à celui prévu à l'origine.
Le projet Olinghouse, situé à 30 miles à l'est de Reno, dispose d'une ressource historique basée sur plus de 600 forages. Le propriétaire actuel, Lake Mountain Mining, examine des plans pour une exploration supplémentaire, des permis et une éventuelle reprise de la production. Le PDG de Nevada Canyon, Alan Day, a déclaré que cette acquisition offre un excellent levier sur les prix de l'or et poursuit leur stratégie d'acquisition de royalties au Nevada.
Nevada Canyon Gold Corp. (OTC: NGLD) hat einen abgeänderten Optionsvertrag zum Kauf ausgeübt und eine 1%-Produktionsroyalty für das Olinghouse-Projekt in Nevada erworben. Das Unternehmen zahlte 1,5 Millionen Dollar in bar, einschließlich vorheriger Zahlungen von 240.000 Dollar, was einem Gesamtbetrag von 1,74 Millionen Dollar entspricht. Diese Akquisition stärkt das Royalty-Portfolio von Nevada Canyon zu einem niedrigeren Kostenbasis als ursprünglich geplant.
Das Olinghouse-Projekt, das 30 Meilen östlich von Reno liegt, hat eine historische Ressource, die auf über 600 Bohrlöchern basiert. Der aktuelle Eigentümer, Lake Mountain Mining, überprüft Pläne für zusätzliche Erkundungen, Genehmigungen und eine mögliche Wiederaufnahme der Produktion. Der CEO von Nevada Canyon, Alan Day, erklärte, dass diese Akquisition eine hervorragende Hebelwirkung auf die Goldpreise bietet und weiterhin ihre Strategie zur Akquisition von Royalties in Nevada verfolgt.
- Acquisition of 1% production royalty on the Olinghouse Project
- Lower cost basis for the royalty acquisition ($1.74 million vs. originally planned $2.24 million)
- Strengthens company's royalty portfolio with potential upside
- Olinghouse Project has historical resource and potential for increased gold resources
- Significant cash outlay of $1.5 million for the royalty acquisition
- Reliance on historical resource estimates that are not current compliant mineral resources
- Uncertainty regarding the timeline for potential production restart at Olinghouse Project
Reno, Nevada, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Nevada Canyon Gold Corp. (OTC Markets: NGLD) (The “Company” or “Nevada Canyon”) is pleased to announce through its wholly-owned subsidiary, Nevada Canyon, LLC, that it has amended and exercised its Option to Purchase Agreement (the “Agreement”) with Target Minerals, Inc (“Target”), a private Nevada company, and acquired one-hundred percent (
The Olinghouse Project is located approximately 30 miles east of Reno, Nevada. The property was operated by Alta Gold in the late 1990’s and Alta completed a feasibility study in 1997. The Olinghouse Project hosts an historic geologic resource (Alta Gold Feasibility Study 1997) based on over 600 drill holes collared at 100 ft. centers. Nevada Canyon considers this historical estimate to be relevant, however a qualified person has not done sufficient work to classify the estimate as a current estimate of mineral resources, and therefore it is not treating this historic estimate as current compliant mineral resources. A large portion of the Olinghouse Property remains relatively unexplored. The historical mineralized resource is open at depth and along strike. The Olinghouse Project has excellent potential to increase the current gold resources.
The Olinghouse Project’s current owner is Lake Mountain Mining LLC, (“LMM”), a private Nevada company. LMM is currently reviewing its financing plans for additional exploration, required permitting, economic studies and various capital expenditures towards a production restart decision in the near future.
Nevada Canyon had the exclusive right and Purchase Option (see its news release issued on 12-21-2021), exercisable at any time during the Option Period at its sole discretion, to acquire one-hundred percent (
The Purchase Option Agreement was amended to a one-time cash payment of
“This continues our Nevada-based royalty acquisition roll up,” said Nevada Canyon President and CEO, Alan Day, “The amendment and subsequent exercise of the Olinghouse Royalty Purchase Agreement strengthens our royalty portfolio and adds another royalty with significant upside, now at a much lower cost basis. Also, as with all Nevada Canyon royalty purchases, it offers excellent leverage to gold prices.
About Nevada Canyon Gold Corp.
Nevada Canyon Gold Corp. is a US-based natural resource company headquartered in Reno, Nevada. The Company has a large, strategic land position and royalties in multiple projects, within some of Nevada’s highest-grade historical mining districts, offering year-round access and good infrastructure in proven and active mining districts. The Company has a three-fold business model; i) mineral royalty creation and acquisition; ii) precious-metals and exploration streaming; and iii) exploration project accelerator.
For further information please contact:
Corporate Communications
Larry Heuchert
Tel: 1-888-909-5548 Ext. 2
Email: ir@nevadacanyongold.com
Web: www.nevadacanyongold.com
Forward-Looking Statements
The information posted in this release may contain forward-looking statements. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of exploration, delays in completing various engineering and exploration programs, and any potential results from such programs. Specifically, forward-looking statements in this news release include statements with respect to the potential mineralization and geological merits of the Company properties and various other factors beyond the Nevada Canyon Gold Corp.'s control. The Company's actual results could differ materially from those discussed in this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events except as required by applicable securities legislation. Investors are advised to carefully review the reports and documents that Nevada Canyon Gold Corp. files from time to time with the SEC, including its Annual Form 10K for the fiscal year ended December 31, 2023, Quarterly Reports and Current Reports.
FAQ
What royalty did Nevada Canyon Gold Corp (NGLD) acquire on the Olinghouse Project?
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What is the historical resource of the Olinghouse Project acquired by Nevada Canyon Gold Corp (NGLD)?
