Emergent Metals Corp. Signs Term Sheet with Lahontan Gold Corp. for US$3.2 Million Mindora Property Transaction

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[{"type":"text","content":"Emergent Metals Corp. Signs Term Sheet with Lahontan Gold Corp. for US$3.2 Million Mindora Property TransactionVANCOUVER, BC / ACCESSWIRE / May 15, 2023 / Emergent Metals Corp. (TSXV:EMR)(OTC:EGMCF)(FRA:EML)(BSE:EML) (\"Emergent\" or the \"Company\") announces it has signed a binding Term Sheet (\"Term Sheet\") and plans to complete an Option to Purchase Agreement (\"Agreement\") with Lahontan Gold Corp. (\"Lahontan\"). Lahontan, subject to certain terms and conditions, will have the option (\"Option\") to acquire a 100% interest in Emergent's Mindora Property, NV (\"Mindora\" or the \"Property\") by completing US$1.8 million in cash payments and US$1.4 million in work expenditures on the Property (total US$3.2 million) over a seven-year period. Mindora is a gold, silver, and base metal exploration property located approximately 20 mile southeast of Hawthorne, NV and 10 miles southwest of Lahontan's Santa Fe Property, NV. The property consists of 147 unpatented mining claims.Cash payments will be as follows:TimingAmount ($US)Upon Signing of the Letter of Intent$10,000First Anniversary of Agreement*$20,000Second Anniversary of Agreement*$25,000Third Anniversary of Agreement*$25,000Fourth Anniversary of Agreement*$30,000Fifth Anniversary of Agreement*$30,000Sixth Anniversary of Agreement*$40,000Seventh Anniversary of Agreement*$1,620,000Total$1,800,000*50% of these payments may be made in common shares of Lahontan Gold Corp. at Lahontan's discretion. Lahontan may accelerate these payments by paying the remaining balance of the purchase price at any time during the option period.Work commitments will be as follows:TimingAmount ($US)December 31, 2024$150,000December 31, 2025$150,000December 31, 2026$200,000December 31, 2027$200,000December 31, 2028$200,000December 31, 2029$250,000Seventh Anniversary of Agreement*$250,000Total$1,400,000Exploration expenditures include, but are not limited to, geological, geochemical, and geophysical studies, exploration drilling and support activities, reasonable management costs associated with the proceeding items, any payments associated with maintaining the underlying agreements in good standing including BLM and County fees. Any excess expenditures, in any year, under the Work Commitments scheduled above can be credited against subsequent Work Commitment expenditures in a future year.The Agreeme...

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