Blackrock Gold Completes Lease Option Agreement for the Tonopah West Project
Vancouver, British Columbia--(Newsfile Corp. - April 2, 2020) - Blackrock Gold Corp. (TSXV: BRC) (the “Company”) is pleased to announce thecompletion of the Lease Option to Purchase agreement for the historic West Endand Tonopah Extension properties through a 4 year purchase option from Ely GoldRoyalties Inc. (“Ely Gold”) for payments totalling US$3 million. The transaction consolidates these propertiesinto the Tonopah West Project. These properties are a significant landholdingwithin the historic Tonopah silver district located in the Walker Lane trend ofWestern Nevada and include the Cliff ZZ land package consisting of 73 patentedlode mining claims.
Andrew Pollard, President & CEO commented “With theclosing of this transaction, we have re-consolidated the Tonopah ExtensionMining Company’s land position which was the third largest producer in thishistoric, high-grade silver camp. We areexcited to move forward on the property in one of the largest and highest gradepast-producing silver districts in North America. This brownfield addition toour portfolio has seen very little in the way of modern exploration sincemining activities were ceased in the early 1900s and adds a new dynamic to ourCompany, giving us some very compelling and well-defined targets. In theclosing of this multi-property agreement, we have consolidated this district-leading claim packagetogether for the first time since Howard Hughes held them back in the 1960’s.”
Through Ely Gold’s wholly-owned subsidiary, Nevada SelectRoyalty, Blackrock Gold Corp’swholly-owned US subsidiary acquired the Tonopah West Project under a leaseoption to purchase. The 4-year optionhas payments as follows:
US$325,000on Closing (paid);
US$325,000on the 1st Anniversary of Closing;
US$650,000on the 2nd Anniversary of Closing;
US$700,000on the 3rd Anniversary of Closing; and
US$1,000,000on the 4th Anniversary of Closing.
There is no Work Commitment.
Blackrock’s exploration activities at the Tonopah WestProject are being conducted and supervised by Mr. William Howald, ExecutiveChairman of Blackrock Gold Corp. Mr. William Howald, AIPG CertifiedProfessional Geologist #11041, is a Qualified Person as defined under NationalInstrument 43-101. He has reviewed and approved the contents of this newsrelease.
About Blackrock Gold Corp.
Blackrock is a junior gold-focused exploration company thatis on a quest to make an economic discovery. Anchored by a seasoned Board, theCompany is focused on its Nevada portfolio consisting of low-sulphidationepithermal gold & silver projects located along on the established NorthernNevada Rift in north-central Nevada, and the Walker Lane trend in westernNevada.
For further information, please contact:
Andrew Pollard, President & CEO
Blackrock Gold Corp.
Phone: 604 817-6044
Email: andrew@blackrockgoldcorp.com
Forward Looking Statements
This news release contains “forward-looking statements”within the meaning of Canadian securities legislation. Such forward lookingstatements concern the Company’s strategic plans, completion and exercise ofthe Tonopah option agreement, timing and expectations for the Company’sexploration and drilling programs, estimates of mineralization from drilling,geological information projected from sampling results and the potentialquantities and grades of the target zones. Such forward looking statements or informationare based on a number of assumptions, which may prove to be incorrect.Assumptions have been made regarding, among other things: conditions in generaleconomic and financial markets; accuracy of assay results; geologicalinterpretations from drilling results, timing and amount of capitalexpenditures; performance of available laboratory and other related services;future operating costs; and the historical basis for current estimates ofpotential quantities and grades of target zones. The actual results coulddiffer materially from those anticipated in these forward looking statements asa result of the risk factors including: the ability of the Company to completethe Tonopah lease option, the timing and content of work programs; results ofexploration activities and development of mineral properties; theinterpretation and undertainties of drilling results and other geological data;receipt, maintenance and security of permits and mineral property titles;environmental and other regulatory risks; project costs overruns orunanticipated costs and expenses; availability of funds; failure to delineatepotential quantities and grades of the target zones based on historical data,and general market and industry conditions. Forward-looking statements arebased on the expectations and opinions of the Company’s management on the datethe statements are made. The assumptions used in the preparation of suchstatements, although considered reasonable at the time of preparation, mayprove to be imprecise and, as such, readers are cautioned not to place unduereliance on these forward-looking statements, which speak only as of the datethe statements were made. The Company undertakes no obligation to update orrevise any forward-looking statements included in this news release if thesebeliefs, estimates and opinions or other circumstances should change, except asotherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.