Vancouver, British Columbia–(Newsfile Corp. – July 11, 2018) – Walker River Resources Corp. (TSXV: WRR) (“Walker” or the “Company“) is pleased to announce the acquisition of an Exploration Lease with Option to Purchase Agreement from Nevada Canyon Gold Corp. on the Garfield Flats Project, located in Mineral County, Nevada about 18 miles southeast of the town of Hawthorne, NV.
The Garfield Flats Project consists of 156 unpatented mining claims (3120 acres) that cover several past producing small scale high grade gold and copper mines, altered and mineralized zones discovered by previous geological compilations and mapping of the historical workings. Historical sampling on the project has revealed the presence of copper, bismuth, and antimony as well as pervasive lower grade gold mineralization, cut by vein structures (some previously mined) of higher grade gold. Previous induced polarization surveys also denoted the presence of significant coincident I.P. anomalies. These factors clearly demonstrate the potential of this relatively unexplored project for the discovery of significant gold mineralization.
The term of the Exploration Lease with Option to Purchase Agreement commenced on June 7, 2017 and continues for ten (10) years, subject to the right to extend the Agreement for two (2) additional terms of ten (10) years each, and subject to an option to purchase the Property. Full consideration of the Agreement consists of the following: an initial cash payment of $15,000.00 (paid) upon the execution of the agreement on June 7, 2017, $15,000.00 (paid) on the first anniversary of the effective date, $20,000.00 to be paid on the second and third anniversary of the effective date, $25,000.00 to be paid on the fourth and fifth anniversary of the effective date, $40,000.00 to be paid on the sixth anniversary of the effective date and any succeeding anniversary of the effective date.
Walker has the exclusive purchase option and right to acquire 100% ownership of the Property (the “Option”). The purchase price of the Property shall be USD$300,000.00 (the “Purchase Price”). Consideration for the acquisition of the Exploration Lease with Option to Purchase Agreement is a cash payment of USD$55,000.00.
The Garfield Flats Project is within the Walker Lane shear zone, a 60-mile-wide structural corridor extending in a southeast direction from Reno, Nevada, located 18 miles southeast of Hawthorne, NV along U.S. Highway 95. The project has excellent year-round access and infrastructure within Mineral County, one of the most pro-mining counties in the pro-mining states and highest-grade gold districts of Nevada.
The Garfield Flats Project is located adjacent to New Range Gold Corp’s Pamlico project. In close proximity to several past producing mines including the Bodie, Aurora, Borealis, Pamlico, Evening Star, Mabel, Mindoro and Camp Douglas Mines. Held by private interests for most of its history, Garfield Flats remains very underexplored with exceptional potential for new discoveries on several exploration targets with multiple zones.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Neither TSX Venture Exchange Nor Its Regulation Service Provider (As That Term Is Defined In The Policies Of The TSX Venture Exchange) Accepts Responsibility For The Adequacy Or Accuracy Of This News Release.