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Palayan Resources Executes Joint Venture Agreement With Provenance Gold to Jointly Explore and Develop a Gold and Silver Property in Nye County Nevada
Lady Lake, FL, Jan. 12, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Palayan Resources, Inc. (the “Company” or “Palayan”) (OTCMarkets: PLYN), a publicly traded,
About this update from Provenance Gold Corp.
[{"type":"text","content":" Lady Lake, FL, Jan. 12, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Palayan Resources, Inc. (the “Company” or “Palayan”) (OTCMarkets: PLYN), a publicly traded, fully reporting emerging growth company, is pleased to announce that it has executed a Joint Venture Agreement (the “JV Agreement”) with Provenance Gold Corp. (“Provenance”) (CSE:PAU) (FSE:3PG) dated January 8, 2021 pertaining to certain mineral claims and rights in the State of Nevada. The transaction involves the formation of a joint venture to manage and direct all matters related to the previously disclosed Letter of Intent executed on December 4, 2020, which disclosure described 102 lode mineral claims, known as the Silver Bow Claims, and 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. Per the terms of the Joint Venture Agreement, Palayan will have an equity participation of 49.5% in the joint venture in exchange for providing certain funding for the Project, subject to the full terms and conditions of the Joint Venture Agreement. Palayan CEO James Jenkins commented: \"The Silver Bow Claims and the Blue Horse Claim are an excellent example of Palayan’s business model, which is to identify and advance early-stage, potentially high-margin gold/silver deposits. Through the Joint Venture Agreement, we plan to advance the Project by providing significant project funding and adding Provenance’s technical expertise. This JV will enable the company to drill and explore a strongly mineralized gold and silver system that is exposed on the surface for at least 500 meters before it goes under a shallow alluvial cover. This wide mineralized zone occurs along a structure that has been intermittently traced for more than two kilometers. We further believe that the Project has great potential to yield high-grade gold/silver deposits, and we are pleased to have Provenance take the lead in advancing this project.\" Palayan will timely file a current report on Form 8-K (the “Form 8-K”) with the Securities & Exchange Commission (the “SEC”) detailing and describing the Joint Venture Agreement. For additional information about the Joint Venture A...