Latest news with #NevadaZinc
Yahoo
12 hours ago
- Business
- Yahoo
Nevada Zinc Completes Sale of Nevada Mineral Claims
TORONTO, June 25, 2025 (GLOBE NEWSWIRE) -- Nevada Zinc Corporation ('Nevada Zinc' or the 'Company') (TSX-V: NZN) is pleased to announce that, further to the its news release dated July 24, 2024, the Company has completed the sale of its interest (the 'Transaction') in its mineral claims located in Eureka County, Nevada (the 'Property') to Minaurum Gold Corp ('Minaurum') pursuant to the sale and option agreement dated July 24, 2024 (the 'Agreement'), as amended. The Property is made up of 203 mineral claims located in Eureka County, Nevada which are comprised of: (i) 1 patented claim (the 'Patented Claim') and 26 unpatented lode claims, all of which are 100% legally and beneficially owned by the Company's wholly owned subsidiary, Lone Mountain Zinc Ltd. (collectively, the 'Owned Claims'); and (ii) 176 unpatented lode claims (the 'Leased Claims') held by the Company through a long-term lease agreement (the 'Lease').Pursuant to the terms of the Agreement, the Company granted Minaurum an exclusive option (the 'Option') to acquire: (i) 100% of the Company's right, title and interest in and to the Owned Claims; and (ii) 100% of the Company's rights and interests in and to the Lease in respect of the Leased Claims. Minaurum exercised the Option by issuing to the Company 3,846,893 common shares in the capital of Minaurum (the 'Consideration Shares') having an aggregate value of $1,000,000 and paying to the Company a cash fee in the amount of $100,000. The Consideration Shares are subject to: (i) a four-month and one day statutory hold period in accordance with applicable securities laws; and (ii) a contractual restriction on transfer, pursuant to which the Company may not sell more than 500,000 Consideration Shares per week following expiry of the statutory hold period. The grant of the Option was approved by the Company's shareholders at a special meeting of the Company's shareholders on February 7, 2025. Further information regarding the Transaction is contained in the information circular of the Company dated December 23, 2024 available under the Company's SEDAR+ profile at Following the closing of the Transaction, the Company will not meet the Tier 2 Continued Listing Requirements of the TSX Venture Exchange. Accordingly, the shares of the Company will be transferred to the NEX Board of the Exchange upon closing of the Company also announces that on June 30, 2023, the Company was advanced a secured loan (the 'Loan') by one of the Company's directors, Jim Beqaj, in the amount of $173,321.07. The proceeds of the Loan were used to make the annual 2023 rental payment pursuant to the Lease, to pay the Company's auditors and for exchange listing fees. The loan bears interest of 10.0% per annum and had a maturity date of December 31, 2023. Upon the maturity date of the Loan, the Company and the lender entered into a verbal agreement to extend the maturity of the Loan until such time as the Company is in a position to repay the Loan and entered into an amending agreement dated June 13, 2025 formalizing the extension of the maturity date. Pursuant to the Loan, the Company granted the lender a security interest in the Patented Claim, which the lender agreed to relinquish in connection with the Transaction. The TSX Venture Exchange approved the Loan and the extension. Mr. Beqaj is a director of the Company and a 'related party' to the Company within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ('MI 61-101'). As such, the Loan is considered a 'related party transaction' under MI 61-101. The Company is relying on exemptions from the formal valuation requirements of section 5.4 of MI 61-101 and minority shareholder approval requirements of section 5.6 of MI 61-101. As the fair market value of the related party's participation was not more than 25% of the Company's market capitalization, the related party transaction is exempt from the formal valuation requirements pursuant to subsection 5.5(a) of MI 61-101 and from the minority approval requirements pursuant to subsection 5.7(1)(a) of MI 61-101. About Nevada Zinc The Company is exploring strategic alternatives for enhancing shareholder value. Additional information about the Company is available on the Company's SEDAR+ profile at For further information please contact: Mike Wilson, President & CEOT: (416) 574-9075Email: Don Christie, CFOT: (416) 409-8441Email: don@ Caution Regarding Forward-Looking Statements This news release may contain forward-looking statements including but not limited to comments regarding the timing and terms of agreements, regulatory approvals, shareholder approvals, obligations under existing and future agreements, expected share issuances and ownership positions, expected returns and profits from application of unproven chemical processes to the Company's mineral projects, partnerships and joint ventures, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results relating to, among other things, completion of proposed transactions, regulatory approvals, expected proceeds from transactions, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this news in to access your portfolio
Yahoo
03-06-2025
- Business
- Yahoo
Minaurum Announces Exercise of Option to Acquire Lone Mountain CRD Project in Nevada's Battle Mountain-Eureka Trend
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2025) - Minaurum Gold Inc. (TSXV: MGG) (OTCQX: MMRGF) ("Minaurum" or "the Company") is pleased to announce that, further to its news release dated October 2, 2024, it has provided the required notice to Nevada Zinc Corp. ("Nevada Zinc") to exercise its option (the "Option") to acquire a 100% registered and beneficial interest in the Lone Mountain carbonate replacement deposit ("CRD") project (the "Acquisition") located on the Battle Mountain-Eureka Trend in Nevada, USA ("Lone Mountain" or the "Project"). The Company is acquiring the Project pursuant to an option agreement between the Company and Nevada Zinc dated July 24, 2024, as amended on October 22, 2024 and December 24, 2024. Nevada Zinc completed a Preliminary Economic Assessment of the viability of potentially mining the zinc mineralization at the Project in June 2019 (NI 43-101 Preliminary Economic Assessment and Technical Report, Peimen Ling & Associates Limited, June 27, 2019 or see Nevada Zinc news release dated June 27, 2019 (the "PEA"). In accordance with the disclosure in the PEA, the Project is a brownfields project with a historic inferred mineral resource estimate of 3,257,000 tonnes grading 7.57% zinc and 0.70% lead. Select drilling highlights include 118.87 m of 9.58% Zn and 0.74% Pb (hole LM-15- 27); and 24.7 m grading 23.06% Zn (hole NLM-17-08). The PEA also demonstrated a 35% after tax internal rate of return ("IRR"). See below for further details on the Mineral Resource Estimate Report and the PEA. "Lone Mountain looks a lot like neighbouring historical silver-lead-zinc CRDs, such as Eureka next door or Cortez up the road, both of which have been found to have a significant Carlin Gold overprint," said Dr. Peter Megaw, Co-founder and Exploration Advisor to Minaurum. "Historical drilling was tightly focused on near-surface high-grade zinc oxides and did not seek that kind of gold mineralization or the polymetallic CRD sulphide potential that should lie beneath." "We are pleased to acquire Lone Mountain, an advanced project with robust economics that we believe could host significant silver and gold mineralization at depth," stated Darrell Rader, President & CEO of Minaurum. "As we advance our flagship Alamos silver project toward a maiden resource in 2025, we're strategically positioning Lone Mountain as the next catalyst for value creation in Minaurum's portfolio." Acquisition Terms In consideration of the Acquisition, the Company will: issue Nevada Zinc a number of common shares of the Company (the "Payment Shares") having an aggregate value of $1,000,000 based on the 10-day volume weighted average trading price of the common shares on the TSX Venture Exchange ("TSXV") for the 10 trading days immediately preceding the date of issuance; and pay Nevada Zinc a cash fee in the amount of $100,000. The completion of the Acquisition, including the issuance of the Payment Shares to Nevada Zinc, is subject to customary closing conditions, including, without limitation, approval of the TSXV. The Payment Shares will be subject to: (a) a four-month and one day statutory hold period, in accordance with applicable securities laws; and (b) a contractual restriction on transfer pursuant to which Nevada Zinc may not sell more than 500,000 Payment Shares per week after the expiry of the statutory hold period. Further information regarding Lone Mountain is disclosed in the Company's news release dated October 2, 2024 with key highlights described below. Lone Mountain CRD Project – Battle Mountain Eureka Trend, Nevada, USALone Mountain is a high-grade CRD project comprised of a single patented mining claim and 203 unpatented mining claims that cover 1,850 hectares. The Project lies 28 kms northwest of the historic Eureka Mining District, which anchors one end of the Battle Mountain-Eureka trend in Nevada, USA (Figure 1). The region supports an active mining workforce with significant resources for mineral exploration, mine development, and mine operations. Major mines in the region include Barrick Gold's Goldstrike and Carlin mines, Nevada Gold Mines, Pine Valley mine, Cortez Hills mine, McEwen Mining's Gold Bar mine and i80's Ruby Hill project, amongst others. Figure 1. Location of Lone Mountain CRD Project. Note position adjacent to Eureka Mining District on the Battle Mountain - Eureka trend. Click image to view an enhanced version of this graphic, please visit: Follow us and stay updated:YouTube: @minaurumgoldLinkedIn: to our email list at Minaurum Gold Inc. (TSXV: MGG) (OTCQX: MMRGF) (FSE: 78M) is an Americas-focused explorer concentrating on the high-grade 100% owned, production-permitted Alamos silver project in southern Sonora Mexico and the Lone Mountain CRD Project in Nevada. Minaurum is managed by one of the strongest technical and finance teams and will continue its founders' legacy of creating shareholder value by acquiring and developing a pipeline of Tier-One precious-and base metal projects. ON BEHALF OF THE BOARD "Darrell A. Rader" Darrell A. RaderPresident and CEO For more information, please contact:Sunny Pannu – Investor Relations and Corporate Development Manager(778) 330 0994 or via email at pannu@ The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release. ___________________________________________________________________________ 1570– 200 Burrard StreetTelephone 1 778 330-0994Vancouver, BC V6C info@ Cautionary Note Regarding Forward-Looking Information This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking information in this news release relating to the Company include, among other things, statements relating to the completion of the Acquisition, the receipt of TSXV approval for the completion of the Acquisition, and the issuance of the Payment Shares and the payment of the cash fee to Nevada Zinc in consideration of the Acquisition. In making the forward-looking information in this release, Minaurum has applied certain factors and assumptions that are based on Minaurum's current beliefs as well as assumptions made by and information currently available to Minaurum. including, without limitation, assumptions that the Company will proceed with completion of the Acquisition, that the Company will be able to issue the Payment Shares and make the cash payment as necessary to complete the Acquisition as anticipated and that the Company will receive TSXV approval for the completion of the Acquisition. Although Minaurum considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information, including but not limited to risks associated with the following: the Company may not complete the Acquisition, on the terms and conditions disclosed, or at all; the Company may not be able to make the share or cash payments necessary to complete the Acquisition; the Company may not receive TSXV approval for the Acquisition; changes in governmental regulations; compliance with applicable laws and regulations; reliance on key personnel; title matters; conflicts of interest; environmental laws and regulations and associated risks, including climate change legislation; land reclamation requirements; changes in government policies; volatility of the Company's share price; infrastructure risks; fluctuations in demand for, and prices of metals; fluctuations in foreign currency exchange rates; unanticipated costs; and going concern risk. Readers are cautioned not to place undue reliance on forward-looking information. Minaurum does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by law. To view the source version of this press release, please visit Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
