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Northern Lights Resources Executes Option/Joint Venture Agreement for the Medicine Springs Project with Reyna Silver Corp.
VANCOUVER, BC / ACCESSWIRE / October 5, 2020 / Northern Lights Resources Corp. (CSE:NLR)("Northern Lights" or "NLR") is pleased to announce that it has executed
About this update from Northern Lights Resources Corp
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / October 5, 2020 / Northern Lights Resources Corp. (CSE:NLR)(\"Northern Lights\" or \"NLR\") is pleased to announce that it has executed a Property Option and Joint Venture Agreement (the \"Agreement\") with Reyna Silver Corp. (TSXV:RSLV) (\"Reyna Silver\") on the Medicine Springs Project in Elko County, Nevada, U.S.A. (the \"Transaction\"). The Medicine Springs Project comprises 149 unpatented Federal mineral claims covering 1,189 Ha located in the Ruby Mountains Valley just off the famous Carlin Trend. The Medicine Springs Project has the potential to host silver-zinc-lead Carbonate Replacement Deposit (\"CRD\") mineralization. Northern Lights is currently earning a 100% interest in the Medicine Springs Project under the terms of an option agreement with the underlying claim owners executed August 20, 2017 (the \"NLR 2017 Option\"). Under the terms of the Agreement, Reyna can earn up to 80% equity in the Medicine Springs Project by completing minimum exploration expenditures of US$2.4 million plus other commitments and paying a cash payment of US$1 million to Northern Lights by no later than December 31, 2023. (See \"Key Terms of the Property Option and Joint Venture Agreement\" for details). Upon completion, Northern Lights and Reyna Silver will jointly own 100% of the Medicine Springs Project and will establish a Joint Venture. Northern Lights has a free carried interest (with no future repayment) on all exploration expenditures on the Medicine Springs Project until Reyna Silver has spent a minimum of US$4 million. After the free carry period is complete, Northern Lights will contribute to joint venture expenditures on an equity basis. The Transaction is legally binding with completion only subject to the finalization of Reyna Silver's legal due diligence on the Medicine Springs Project mineral claims that is to be finished by the end of October 2020. Northern Lights CEO, Jason Bahnsen commented \"We are delighted to have Reyna Silver as a joint venture partner on the Medicine Springs Project. Medicine Springs is a CRD system with high-grade silver potential similar to Reyna Silver's flagship Guigui Project in Mexico. This joint venture leverages the exploration work that Northern Lights has completed on the project together with the proven CRD expertise of Dr. Peter Megaw and the team at Reyna S...