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Smooth Rock Completes Option to Purchase Agreement on the Palmetto Project
Vancouver, British Columbia--(Newsfile Corp. - July 31, 2019) -   Smooth Rock Ventures Co...
About this update from Smooth Rock Ventures Corp
[{"type":"text","content":"Smooth Rock Completes Option to Purchase Agreement on the Palmetto ProjectVancouver, British Columbia--(Newsfile Corp. - July 31, 2019) -  Smooth Rock Ventures Corp. (TSXV: SOCK) (\"Smooth Rock\" or the \"Company\") is pleased to announce it has completed an Option To Purchase Agreement to acquire a 100% undivided interest in 79 unpatented mining claims totalling 1600 acres in the Palmetto Project, Nevada. The Palmetto Project is located in Esmeralda County, Nevada, within the southern portion of the Walker Lane gold trend.The Palmetto Gold Project was previously explored by ML Gold Corp. The property has an historic resource estimation completed by WSP Canada Inc. (\"WSP\") for ML Gold Corp. in 2017 (Palmetto Resource Estimation and Technical Report, April 26, 2018). The mineral resource estimation was completed using NI 43-101 standards of practice and classified as an inferred resource is summarized in the table below. ClassificationTonnes (000's)Au g/tAg g/tAuEq g/tAu oz.Ag oz.AuEq oz.Inferred (Pit)0.14 g/t AuEq cut-off10,1340.957.291.05310,3602,374,120341,720Inferred (U/G)2.0 g/t AuEq cut-off983.6010.803.7411,30533,91011,755Total Inferred321,6652,408,030353,475The open pit estimation was calculated using a pit shell generated by applying certain economic constraints (ML Gold Corp. News Release Oct 2, 2017).No exploration activities have been completed on the project since the completion of this mineral resource estimate, and Smooth Rock Ventures Corp. considers this historical estimate to be reliable and relevant. To upgrade the historical mineral resource estimate to a current mineral resource estimate, the model and estimation will have to be reviewed and repeated by a qualified person and Smooth Rock is not treating this historic estimate as current mineral resources.Smooth Rock can purchase an one hundred percent (100%) undivided interest in the Palmetto Property for a total purchase price of $500,000.00 USD as follows: (a) $50,000.00 USD (paid) upon signing of a Letter of Intent (\"LOI\") for a 30-day option to purchase a 100% (one hundred percent) of the Property, the $50,000 USD option payment is credited towards the Purchase Price and (b) Upon completion of due diligence and within 30 days of the signing date of the LOI, Smooth Rock will pay $200,000.00 USD. (paid) and (c) On or before one (1) year fr...