The TSX Venture Exchange has accepted for filing a lease with option to purchase agreement dated June 28, 2021, between the company and Pyramid Lake LLC, with respect to the Garden Gate Pass property, located in the Cortez mining district in Nevada. Consideration is $168,000 (years 1 through 5), and $40,000 in year 6 and in each year thereafter while the agreement remains in effect, subject to an additional 5 per cent, and the issuance of 200,000 common shares.
The company has the right to purchase the property for $2-million in cash and two million common shares at any time.
Upon the commencement of production, the company shall pay Pyramid Lake LLC a 3-per-cent net smelter return (NSR) royalty; the company has the right to reduce the royalty to 1.5 per cent upon the payment of $1-million (U.S.) in cash, subject to further exchange review and acceptance.
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