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West Kirkland Mining Leases Mining Patents and Mineral Claims from Tonopah Divide Mining Company
VANCOUVER, British Columbia, Dec. 18, 2017 (GLOBE NEWSWIRE) -- West Kirkland Mining Inc. (TSX-V:WKM) (“West Kirkland”, “WKM” or the “Company”) has entered into
About this update from West Vault Mining Inc
[{"type":"text","content":"VANCOUVER, British Columbia, Dec. 18, 2017 (GLOBE NEWSWIRE) -- West Kirkland Mining Inc. (TSX-V:WKM) (“West Kirkland”, “WKM” or the “Company”) has entered into a lease agreement with historic Tonopah Divide Mining Company (“TDMC”) for a 100% working interest on mining patents and mineral claims covering 2,500 acres adjacent to the Company’s Hasbrouck and Three Hills Project near Tonopah, Nevada. The lease of the TDMC ground combined with WKM’s existing land package is a logical consolidation of projects. Total WKM controlled mineral rights at Tonopah now cover 17,100 acres, including multiple areas of previous gold production. The TDMC lease includes important areas of former open pit and underground gold production, some of which have no record of exploration since the 1920’s. TDMC was incorporated in 1908 and has carefully consolidated and confirmed title over the lease area in the past several decades, including important and careful legal historic title work in the past two years. The TDMC ground and the Company’s recent staking creates a contiguous block stretching from the Hasbrouck open pit area to the Hill of Gold property recently optioned by the Company. “We are very pleased, following an improved understanding of the camp from work we have done on our growing land position, to formally consolidate this part of the historic Tonopah Divide Mining Camp with our own deposits. The opportunity for the first known modern drilling in areas of gold and silver mineralization hosting surface workings, shafts and known gold veins is truly exciting. Adding this potential to the Company’s existing 927,000 Measured and Indicated Resource gold ounces (957,000 gold equivalent ounces) provides an opportunity build the regional resource base beyond the important 1 million ounces of gold threshold,” said R. Michael Jones CEO of West Kirkland Mining. The terms of the Lease for a 100% working interest in the property with TDMC includes the payment of an optional annual amount of US$75,000 in advance royalties, an optional US$100,000 annual work requirement from 2018 to 2022, increasing to US$200,000 per year from 2023 to 2028. TDMC is to receive approximately 3% NSR royalty from any production from the property, less any underlying royalty payments and the advance royalties already paid. The current Hasbrouck and Three Hills Pr...