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TriMetals Mining Leases Homestake Claims in Nevada
VANCOUVER, British Columbia, Nov. 01, 2017 (GLOBE NEWSWIRE) -- TriMetals Mining Inc. (TSX:TMI) (OTCQX:TMIAF), (the “Company”), is pleased to announce that its N
About this update from Gold Springs Resource Corp.
[{"type":"text","content":"VANCOUVER, British Columbia, Nov. 01, 2017 (GLOBE NEWSWIRE) -- TriMetals Mining Inc. (TSX:TMI) (OTCQX:TMIAF), (the “Company”), is pleased to announce that its Nevada subsidiary, Gold Springs, LLC (“GS LLC”) has entered into an agreement (the “Lease Agreement”) to lease six patented lode claims (the “Homestake Claims”) located at the northern extent of the Gold Springs project area within Nevada. Pursuant to the terms of the Lease Agreement, GS LLC is to lease the Homestake Claims for an initial period of 30 years and is to pay the lessor an initial rental payment as well as annual rental payments. In addition, upon commencement of commercial production, GS LLC is to pay the lessor a 3% net smelter returns royalty (the “NSR Royalty”), which NSR Royalty is to be increased to (a) 3.5% if the average price per troy ounce of gold for the calendar quarter is greater than US$1,800, and (b) 4.0% if the average price per troy ounce of gold for the calendar quarter is greater than US$2,000 (the “Second NSR Increase”), subject to a minimum annual royalty payment of US$10,000. GS LLC has the right and option, prior to commencement of commercial production on the Homestake Claims, to buy out the Second NSR Increase for the sum of US$1 million, payable within 60 days from and after commencement of commercial production. The Homestake Claims were historically worked as high-grade underground operations with undocumented production. The claims have not been subjected to modern exploration as they were last active prior to World War II. Ralph Fitch, President and CEO of the Company stated, “TMI is excited to have completed the lease on the Homestake Claims as this area displays all of the geologic characteristics we see in the resources we have developed thus far at Gold Springs. This block of claims has never been subjected to modern-day exploration, including drilling, and we are looking forward to being the first group to test this exciting target. The system is exposed for 650 metres along strike and up to 400 metres in width with the potential to continue under post mineral cover and extends the entire 1.8 kilometre length of the claim area. With the addition of this 104 acre claim block TMI has yet another excellent target to explore moving forward.” The Homestake Claims are located 1,000 metres east of the Gray Eagle resource ...