Nevada Canyon Gold Corp. has made a binding Purchase Agreement to acquire a two percent net smelter returns royalty (NSR) on the Lapon Canyon Project, in Mineral County, through Nevada Canyon’s subsidiary, Nevada Canyon, LLC.
The two percent NSR is being acquired from Walker River Resources, LLC, a subsidiary of Walker River Resources Corp., which holds a 100 percent interest in the Lapon Canyon Project. The project comprises 96 unpatented lode mining claims, known as the Sleeper and Lapon Rose claim groups, within the northern part of the Walker Lane gold trend.
In a prior transaction, Nevada Canyon secured an additional one percent NSR from two third-party royalty holders on the Sleeper 36 claim group, part of the same project.
Lapon Canyon has a history of high-grade gold mining, featuring approximately 2,000 feet of underground workings spread across three adits. Historical underground operations have reported numerous assay values in the one-ounce-per-ton range.
The project is accessible via secondary state roads, about 15 miles from the main highway and roughly 40 miles southeast of Yerington. A state power grid transmission line runs within two miles of the project site.
Walker River Resources has conducted exploration at Lapon Canyon, with multiple drill hole intercepts revealing significant gold mineralization. The planned drill programs will include definition and systematic drilling for geological modeling, exploration drilling to uncover new gold mineralization, and extending known mineralization in various directions, including at greater depths.
The results from these drill programs will aid in completing an initial compliant mineral resource estimate for the project.
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