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Smooth Rock Completes Option to Purchase Agreement on the Palmetto Project
July 31, 2019 9:00 AM EDT | Source: Smooth Rock Ventures Corp.
Vancouver, British Columbia--(Newsfile Corp. - July 31, 2019) - Smooth Rock Ventures Corp. (TSXV: SOCK) ("Smooth Rock" or the "Company") is pleased to announce it has completed an Option To Purchase Agreement to acquire a 100% undivided interest in 79 unpatented mining claims totalling 1600 acres in the Palmetto Project, Nevada. The Palmetto Project is located in Esmeralda County, Nevada, within the southern portion of the Walker Lane gold trend.
The Palmetto Gold Project was previously explored by ML Gold Corp. The property has an historic resource estimation completed by WSP Canada Inc. ("WSP") for ML Gold Corp. in 2017 (Palmetto Resource Estimation and Technical Report, April 26, 2018). The mineral resource estimation was completed using NI 43-101 standards of practice and classified as an inferred resource is summarized in the table below.
| Classification | Tonnes (000's) | Au g/t | Ag g/t | AuEq g/t | Au oz. | Ag oz. | AuEq oz. |
| Inferred (Pit)0.14 g/t AuEq cut-off | 10,134 | 0.95 | 7.29 | 1.05 | 310,360 | 2,374,120 | 341,720 |
| Inferred (U/G)2.0 g/t AuEq cut-off | 98 | 3.60 | 10.80 | 3.74 | 11,305 | 33,910 | 11,755 |
| Total Inferred | 321,665 | 2,408,030 | 353,475 |
The open pit estimation was calculated using a pit shell generated by applying certain economic constraints (ML Gold Corp. News Release Oct 2, 2017).
No exploration activities have been completed on the project since the completion of this mineral resource estimate, and Smooth Rock Ventures Corp. considers this historical estimate to be reliable and relevant. To upgrade the historical mineral resource estimate to a current mineral resource estimate, the model and estimation will have to be reviewed and repeated by a qualified person and Smooth Rock is not treating this historic estimate as current mineral resources.
Smooth Rock can purchase an one hundred percent (100%) undivided interest in the Palmetto Property for a total purchase price of $500,000.00 USD as follows: (a) $50,000.00 USD (paid) upon signing of a Letter of Intent ("LOI") for a 30-day option to purchase a 100% (one hundred percent) of the Property, the $50,000 USD option payment is credited towards the Purchase Price and (b) Upon completion of due diligence and within 30 days of the signing date of the LOI, Smooth Rock will pay $200,000.00 USD. (paid) and (c) On or before one (1) year from the effective date of the Option to Purchase Agreement, a final payment of $250,000.00 USD.
Upon full payment of the above purchase price, the Company will have acquired the Palmetto Project free and clear of any outstanding royalties.
The Company also announces that Phase I of the exploration program on the Company's 100% owned Chucker Project, consisting of reconnaissance prospecting, geological mapping, surface trenching, sampling and relocating historical workings is well underway. This reconnaissance program will provide accurate modern data to assist in the planning of the Phase II drill program. Phase I is expected to be completed shortly, initial results will be released as they become available. The Phase II drill program is expected to begin in September, following the compilation of the Phase I results and pending receipt of an exploration drilling permit from the U.S. Bureau of Land Management (the "BLM").
The 100% owned Chucker Project is located in the Silver Star Mining District, within Mineral County, Nevada, in the Walker Lane gold trend. The Project consists of 28 unpatented mining claims with a combined area of 226 hectares (560 acres) that covers numerous prospect pits and past producing small scale high grade gold mines. Several altered and mineralized shear zones with metal rich quartz veins are exposed on the surface.
The property also contains a surface exposure of the range front fault which was historically mined from a shaft. The Chucker Project is located within the intersection of the Walker Lane shear zone and associated Mina Deflection of the Walker Lane. This combination creates major fault zones or conduits for ascending mineralized solutions. From observation and historic assay values, gold, silver, lead, zinc and copper are found in amounts that demonstrate significant potential for exploration. There is no evidence of modern-day exploration or drilling on the property.
The Chucker Project is located 60 miles southeast of Hawthorne, Nevada or 5 miles southwest of Marietta, Nevada, easily accessible via state and secondary roads with year-round access. The Chucker Project is located in close proximity to past producing mines such as Marietta Mines, Moho, and Camp Douglas. The core portion of the property has been held by private interests for over 40 years.
The scientific and technical content and interpretations contained in this news release have been reviewed, verified and approved by Caitlin Jeffs, PGeo, of Fladgate Exploration Consulting Corp, a consultant of the Company, and an independent Qualified Person as defined by NI 43-101, Standards of Disclosure for Mineral Projects.
ON BEHALF OF THE BOARD
"Jeffrey Cocks"
Jeffrey Cocks
President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT: Smooth Rock Ventures Corp.
(TEL)- (888) 909-5548, (FAX)-(888) 909-1033
Email: info@smoothrockventures.com
Website: www.smoothrockventures.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46650