- Silver Range Resources Ltd. (TSXV:SNG) has optioned the East Goldfield Property to ATAC Resources Ltd (CVE:ATC)
- ATAC resources is required to pay Silver Range C$400,000 by April 1st, 2024, to earn a 75 per cent interest int the proeprty
- ATAC must allocate a further $10,000,000 in exploration over the next 6 years to retain the interest
- Silver Range maintains a $2.67 per ounce payment for an new mineralisation discoveries and a 2 per cent smelter royalty
- Silver Range Resources (SNG) remained steady, with shares trading for $0.10
Silver Range Resources Ltd. (TSXV:SNG) has optioned its East Goldfield Property in Nevada to ATAC Resources Ltd (CVE:ATC).
ATAC Resources Ltd is an explorer that has historically been based in Yukon. Previously, ATAC discovered high-grade mineralisation at the Tiger Gold and Osiris projects.
The East Goldfield Project is located a few kilometres east of the Goldfield Main Deposit, an historic source of high-grade mineralisation in the region.
A number of other companies are exploring surrounding region. Most notably, Waterton Global Resource Management, a large mining investment firm, is currently developing a low-grade widespread gold project adjacent to Silver Range’s claim.
The East Goldfield Property has exploration record that stretches back almost a hundred years.
The most recent of study, reported in 2003, drilled 9 holes and intersected 4.57 metres of gold at 8.23 grams per tonne and 44.20 meters of gold at 1.03 grams per tonne.
As per the terms of the agreement, ATAC resources is required to pay Silver Range $400,000 by April 1st, 2024, for a 75 per cent interest in the property.
Furthermore, ATAC must spend $10,000,000 in exploration on the property by the end of 2025 to retain the interest.
If these terms are met, ATAC will have the option to purchase the remaining 25 per cent of the property for a further $10,000,000 by June 30, 2026.
Silver Range has retained a 2 per cent smelter return royalty.
Silver Range will also earn a $2.67 per gold ounce payment for any new deposits discovered on the property up to one million ounces.
Silver Range Resources (SNG) remained steady, with shares trading for $0.10 at 12.33pm EST.
ATAC Resources Ltd (ATC) was down 4.76 per cent, with shares trading for $0.20 at 12:35pm EST.