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CMC Options Rancheria South Silver Project
(TheNewswire) November 16, 2020 - TheNewswire - Vancouver, BC. - CMC Metals Ltd. ...
About this update from Walker Lane Resources Ltd.
[{"type":"text","content":"CMC Options Rancheria South Silver Project \n \n \n (TheNewswire)\n \n \n \n November 16, 2020 - TheNewswire -\n \n \n Vancouver, BC. - CMC Metals\nLtd. (\"the Company\") (TSXV:CMB)\n \n \n (OTC:CMCXF)\n \n is pleased to announce\nthat it has acquired an option to earn up to a 100 percent working\ninterest in the Rancheria South mineral property in the Rancheria\nSilver District, Yukon (the \"Property\"), subject to an\noption agreement (the \"Agreement\") with Mr. Brian Scott (the\n\"Prospector\"). The Agreement is subject to approval by the\nTSX Exchange.\n \n \n Pursuant to the terms of the Agreement, the Company will earn a 100%\nworking interest in the Property with the completion of the following:\n \n \n \n \n - Issuance of 100,000 common shares to the Prospector upon execution\nof the Agreement\n \n \n - On the First Anniversary Date (November 2, 2021) issue 250,000\ncommon shares to the Prospector and incur $25,000 in exploration and\ndevelopment expenditures;\n \n \n - On the Second Anniversary Date (November 2, 2022) issue 400,000\ncommon shares to the Prospector and incur an additional $50,000 in\nexploration and development expenditures; and,\n \n \n - On the Third Anniversary Date (November 2, 2023) issue 750,000\ncommon shares to the Prospector and incur an additional $100,000 in\nexploration and development expenditures.\n \n \n \n \n In addition, the Property is subject to a 2% net smelter royalty which\ncan be reduced to 1% upon the payment of $1,000,000 to the Prospector\n \n \n The Rancheria Silver District is located approximately 300 kilometers\neast of Whitehorse, Yukon in a 130 km long by 50 km wide belt that\nstraddles the Yukon and British Columbia border. CMC has been actively\nexploring this silver district on the northern end at its Silver Hart\nand Blue Heaven properties and from those efforts has identified\nsuccessful exploration strategies and knowledge of the district that\nhelped to identify the significant prospectivity of the Rancheria\nSouth Property.\n \n \n The Rancheria South property lies just south of the British\nColumbia-Yukon border and is located only 15 kilometers north of Coeur\nMining Ltd. Silvertip mine and mill complex. Rancheria South comprises\nof 12 mineral tenures covering 2008.32 hectares. Rancheria South\ncovers part of the Cassiar Batholith, a satellite plug and surround...