Yahoo Finance Smooth Rock Completes Palmetto Project Acquisition
Vancouver, British Columbia--(Newsfile Corp. - July 28, 2020) - Smooth Rock Ventures Corp. (TSXV: SOCK) ("Smooth Rock" or the "Company") is pleased to announce it has completed its Option To Purchase Agreement on the Palmetto Project (see news release 07-31-19) acquiring an 100% undivided interest. The Palmetto Project consists of 79 unpatented mining claims totalling 1600 acres located in Esmeralda County, Nevada, within the southern portion of the Walker Lane gold trend.
Smooth Rock acquired 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") the $50,000 USD option payment was 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 from the effective date of the Option to Purchase Agreement, a final payment of $250,000.00 USD. (paid) Smooth Rock has (100%) undivided interest the Palmetto Project free and clear of any outstanding royalties.
The Palmetto Gold Project has had significant exploration work completed to date by Newmont Gold, Phelps Dodge Corp, Cambior Inc., Romarco Minerals, Curran Corp., Amselco Minerals and Escape Gold Group Inc. To date, 173 drill holes totaling 43,940 meters have been completed on several targets within the Project. The initial "Discovery Hole" in 1988, was drilled by Phelps Dodge and bonanza gold silver veins were subsequently drilled by Romarco Minerals in 1997-2002.
The Palmetto Gold Project was most recently 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 historic mineral resource estimation was completed using NI 43-101 standards of practice and classified as an inferred resource is summarized in the table below.
Classification | Tonnes (000's) | Au | Ag | AuEq g/t | Au | Ag | AuEq |
Inferred (Pit) | 10,134 | 0.95 | 7.29 | 1.05 | 310,360 | 2,374,120 | 341,720 |
Inferred (U/G) | 98 | 3.60 | 10.80 | 3.74 | 11,305 | 33,910 | 11,755 |
Total Inferred | 321,665 | 2,408,030 | 353,475 |
The 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. Smooth Rock Ventures Corp. is not treating this as current mineral resource and considers this an historical estimate.
Smooth Rock is also pleased to report it has retained WSP Canada Inc. ("WSP") to upgrade this historical mineral resource estimate into a current mineral resource estimate. The model and estimation will be reviewed and repeated by the WSP author and qualified person, Todd McCracken, P.Geo, in accordance with updating an historic resource estimate into a current mineral resource.
The scientific and technical content and interpretations contained in this news release have been reviewed, verified and approved by E. Gauthier, geol., Eng (OIQ), a consultant of the Company, and an independent Qualified Person as defined by NI 43-101, Standards of Disclosure for Mineral Projects.
ON BEHALF OF THE BOARD
"Alan Day"
Alan Day
President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT: Smooth Rock Ventures Corp.
(TEL)- (888) 909-5548, (FAX)-(888) 909-1033
Email: info@smoothrockventures.com Website: www.smoothrockventures.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/60584
