- Grizzly Discoveries (TSXV:GZD) has entered into an agreement to acquire the Motherlode Crown Grants from First Majestic Silver (TSX:AG)
- The Motherlode Crown Grants are host to the historical Motherlode, Sunset, Sunrise and Greyhound Mines
- It also is host to 13 Crown Grants that all retain the subsurface mineral rights that date back to the late 1800s and early 1900s when they were first granted
- Shares of Grizzly Discoveries are unchanged at C$0.03
Grizzly Discoveries (TSXV:GZD) has entered into an agreement to acquire the Motherlode Crown Grants in British Columbia from First Majestic Silver (TSX:AG).
In a news release, the company stated the Motherlode Crown Grants are host to the historical Motherlode, Sunset, Sunrise and Greyhound Mines that have each previously produced copper, gold and silver from open pit and underground working in the early and middle 1900s.
“We look forward to an aggressive year drilling at the Motherlode Mine and other high-grade gold-silver-copper showings and historical mines in 2024 along with additional exploration for significant battery metals in our current 170,000-plus-acre land holdings in the Greenwood District,” Brian Testo, CEO of Grizzly Discoveries, said in a statement.
The Motherlode Crown Grants include 13 Crown Grants that all retain the subsurface mineral rights that date back back to the late 1800s early 1900s when they were first granted.
Additionally, the grants cover a number of historical mines, including the Motherlode Mine that produced 76,975,111 pounds of copper, 173,319 ounces of gold and 688,203 ounces of silver during the active periods of mining from 1900 to 1920 and then from 1957 to 1962.
Under the terms of the agreement, Grizzly Discovery will:
- Cover all costs related to the transfer of the Crown Grants from First Majestic to Grizzly Discoveries
- Issue First Majestic 250,000 common shares of the company upon closing of the transaction.
- Grant a 1 per cent net smelter return royalty (NSR) upon closing on the Crown Grants to First Majestic and retain an option to purchase the NSR royalty for $250,000 at any time.
Grizzly Discoveries is focused on developing its approximately 72,700-hectare precious and base metals properties in Southeastern British Columbia.
Shares of Grizzly Discoveries Inc. (TSXV:GZD) are unchanged at C$0.03.
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