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Palayan Resources Announces Letter of Intent with Provenance Gold to Jointly Explore and Develop a Gold and Silver Property in Nye County Nevada
WINDERMERE, FL, Dec. 07, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire – Palayan Resources, Inc. (the “Company” or “PLYN”) (OTCMarkets: PLYN), a publicly traded, fu
About this update from Provenance Gold Corp.
[{"type":"text","content":" WINDERMERE, FL, Dec. 07, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire – Palayan Resources, Inc. (the “Company” or “PLYN”) (OTCMarkets: PLYN), a publicly traded, fully reporting emerging growth company, is pleased to announce that it has executed a Letter of Intent (the “Letter”) with Provenance Gold Corp. (“Provenance”) (CSE:PAU) (FSE:3PG) pertaining to a transaction involving certain mineral claims and rights in the State of Nevada. It is anticipated that the transaction will involve the formation of the joint venture following the successful completion of an exploration program to be managed and directed under the supervision of Provenance and funded by PLYN. Provenance holds the rights to acquire 102 lode mineral claims, known as the Silver Bow Claims, and also controls one (1) patented mining claim, identified as the Blue Horse Claim (collectively, the “Project”), all of which are located in Nye County in the State of Nevada and are subject to certain net smelter returns royalty. The Project consists of approximately 2,024 acres. The Project is a gold and silver property which contains small mines that historically produced high-grade silver and gold. The small mines were limited to local veins within larger mineralized structures and extended downward to a shallow water table where mining stopped. The Project was the site of small-scale intermittent mining activities from the early 1900s to 1964 that reportedly produced over 10,000 ounces of gold and 100,000 ounces of silver. The 102 claims include several key zones of mineralization. Palayan CEO James Jenkins said: “We are excited about completing this transaction in the near future and are working feverishly to wrap up the due diligence phase as quickly as possible to make sure we comply with all legal and accounting matters related to this transaction.” Provenance has already completed preliminary work on the Project consisting of geologic mapping, sampling, permitting, and logging of historical drilling. Based on the results of such work, Provenance has cited an initial drill program in an area with very strong surface gold and silver samples within an open-ended 300 feet wide mineralized zone that extends 1,500 feet northward before it goes under shallow gravel cover. An exposed breccia outcrop approximately 1,500 feet to the north of where the target a...