Nevada Canyon Gold has sold its Swales gold property exploration lease in Elko County, Nevada, to Metals One Nevada, a wholly owned subsidiary of Metals One. The deal includes a total combined area of approximately 2780 acres and 139 unpatented mining claims.
Total consideration for the lease comprised of a $100,000 cash payment and the grant of a 2% net smelter royalty to Nevada Canyon on the unpatented mining claims.
“We are delighted to confirm the first stage in formally closing the Swales gold property acquisition, which marks a pivotal step in our strategic expansion into the U.S. gold sector. Securing this highly prospective project within this prolific Nevada gold mining district significantly enhances our exploration portfolio,” said Craig Moulton, chairman of Metals One.
“With the acquisition nearing completion, we are excited to move ahead with the planned Phase 1 exploration program, which will capture modern, systematic exploration data at the project for the first time. The primary objective is to identify a large world-class mineralized system, like those found along the Carlin Trend.” Phase 1 exploration activities include geological mapping, surface sampling, relocation of historical workings, and geophysical surveys, aimed at defining drill-ready targets for Phase 2.