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Pershing Resources Announces Lease of The Klondyke Gold and Silver Project
Pershing Resources Announces Lease of The Klondyke Gold and Silver Project.
About this update from Pershing Resources Company, Inc.
[{"type":"text","content":"Pershing Resources Moves to Increase Exploration Project Holdings in NevadaRENO, NV / ACCESSWIRE / February 11, 2020 / Pershing Resources Company, Inc., ("Pershing Resources" or the "Company") (OTC PINK:PSGR) is pleased to announce that it has acquired a 100% mineral rights interest in the Klondyke Gold and Silver Project (the "Klondyke Project") within the Klondyke Mining District of Central Nevada. The Klondyke Project is located 9 miles south of Tonopah, and 14 miles north of Goldfields, Nevada, within the Walker Lane Mineral Trend or Belt. According to data compiled by the Nevada Bureau of Mines & Geology, past production from Tonopah and Goldfields combined is reported to be greater than 7 million ounces gold and 200 million ounces silver. This is part of the more than 50 million ounces of gold and 437 million ounces of silver previously mined from the Walker Lane Trend. The Klondyke Project includes at least six historically documented gold and silver mineral occurrences and is located approximately 2.5 miles southwest of Pershing Resources' Tonopah SIN / Divide Project.As of the effective date of November 21st 2019, the Company entered into a 20 year term lease/purchase option agreement (the "MGC Agreement") on unpatented claims in an area of interest which covers approximately 25 square miles within the Klondyke Mining District with Mountain Gold Claims LLC, (MGC) based in Reno, Nevada. Under the MGC Agreement, the Company has made an initial lease payment of $5,000 and, is required to make annual advanced royalty payments and work commitment expenditures. Annual advanced royalty lease payments will escalate to $10,000 for the second year, and $15,000 in the third year, and will continue to escalate to a cap of $100,000 after the fifteenth year. Annual work commitment expenditures will start at $5,000 in the first year of the MGC Agreement and are capped at $50,000 by the third year. MGC will retain the right to a quarterly production royalty payment equal to 3% of the Net Smelters Return Royalty (the "NSR Royalties) on the Klondyke Project so long as the MGC Agreement remains in effect. The Company has the right to purchase the first 1% of the NSR Royalties for $1,000,000 by or before the fifth anniversary (November 21st 2024) and, the Company has the right to purchas...