NEVADA CANYON SIGNS PIKES PEAK ROYALTY AGREEMENT

Rhea-AI Summary

Nevada Canyon Gold Corp. (NGLD) announced a binding Purchase Agreement to acquire a 2% net smelter returns royalty (NSR) on the Pikes Peak Project in Mineral County, Nevada. The agreement, made through Nevada Canyon's subsidiary, involves acquiring the NSR from Walker River Resources, The Pikes Peak Project includes 36 unpatented lode mining claims and has significant historical mining activity. A regional sampling program returned values of 9 g/t Au and 2.2% Cu. Walker River's 2022 RC drill program made a gold mineralization discovery despite geological data. Ongoing efforts to rehabilitate underground workings will support future exploration. Nevada Canyon will pay $150,000 for the NSR. The acquisition enhances Nevada Canyon's royalty portfolio, adding leverage to both gold and copper prices.

Positive

• Acquisition of a 2% NSR on the Pikes Peak Project.
• Historical mining activity with significant copper and gold values (9 g/t Au and 2.2% Cu).
• Walker River's 2022 RC drill program resulted in gold mineralization discovery.
• Ongoing rehabilitation of underground workings to support future exploration.
• Project's proximity to state roads and power grid transmission line.
• Enhances Nevada Canyon's royalty portfolio with additional leverage to gold and copper prices.

Negative

• No available geological, drilling, or exploration data at this stage.
• Access to historical underground workings currently due to minor cave-ins and loose material.
• The total consideration for the NSR is $150,000, posing a financial outlay.

Reno, Nevada, June 13, 2024 (GLOBE NEWSWIRE) -- Nevada Canyon Gold Corp. (OTC Markets: NGLD) (The “Company” or “Nevada Canyon”) is pleased to announce it has signed, through its wholly owned subsidiary, Nevada Canyon, LLC, a binding Purchase Agreement (the “Agreement”) to acquire a 2% net smelter returns royalty (“NSR”) on the Pikes Peak Project, (the “Project”) located in Mineral County, Nevada.

Nevada Canyon will acquire a 2% NSR on the Project from Walker River Resources, LLC, a wholly owned subsidiary of Walker River Resources Corp. (“Walker River”) Walker River owns a 100% undivided interest in the Project, consisting of 36 unpatented lode mining claims identified as the Pikes Peak claim groups situated in Mineral County, Nevada, within the northern portion of the Walker Lane gold trend.

The Project hosts significant historical mining activity (numerous shafts, adits, mill) in a copper gold environment at Pikes Peak. A regional sampling program by Walker River returned values of 9 g/t Au, and 2.2% Cu from outcrop. Walker River completed an initial small RC drill program in 2022 at the Pikes Peak Project. The goal of this drilling was to acquire geological information to guide future exploration. Though there is no geological, drilling, or exploration data available, Walker River was able to make a significant discovery of gold mineralization.

Current access to historical underground workings is presently unavailable due to minor cave-ins and loose material at the entrances (Portals). Walker River is currently opening and rehabilitating certain of these Portals, enabling access to the underground workings for geological purposes of determining rock types, structure, dip and delineation of such. This geological data compiled with the results from the initial 2022 RC drill program will greatly assist in determining geological parameters and developing mineralization targets for the next drill program here in 2024.

The Project is easily accessible by secondary state roads from the main highway (15 miles), and is located approximately 40 miles southeast of Yerington, Nevada. A state power grid transmission line passes within 2 miles of the Project. It is significant that until Walker River’s arrival, there are no reported modern-day drilling or exploration activities from Pikes Peak. The Pikes Peak presents significant potential for gold-copper mineralization as proven by Walker River’s sampling, drilling, and the presence of significant past mining activities here. The property appears to exhibit the potential for porphyry type copper gold mineralization similar to other copper gold systems in North America 

Nevada Canyon will acquire the 2.0-% NSR on the Lapon Canyon Project for total consideration of USD $150,000 cash.

“This continues our Nevada based royalty acquisition roll up,” said Nevada Canyon President and CEO, Alan Day, “The addition of the Peaks Peak royalty increases our royalty portfolio and adds another royalty with significant upside, and as with all Nevada Canyon royalty purchases, it offers excellent leverage to gold prices and now adds some copper potential.”

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 is the significance of Nevada Canyon's acquisition of a 2% NSR on the Pikes Peak Project?

The acquisition enhances Nevada Canyon's royalty portfolio and adds leverage to gold and copper prices.

What are the historical mining activity values at the Pikes Peak Project?

A regional sampling program returned values of 9 g/t Au and 2.2% Cu.

How much did Nevada Canyon pay for the 2% NSR on the Pikes Peak Project?

Nevada Canyon paid USD $150,000 for the 2% NSR.

What were the results of Walker River's 2022 RC drill program at Pikes Peak Project?

The 2022 RC drill program resulted in a significant discovery of gold mineralization.

What challenges does the Pikes Peak Project currently face?

Current challenges include access to historical underground workings due to minor cave-ins and loose material.