Blackrock Gold Acquires Adjacent West Silver Cloud Property in Nevada
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2019) - Blackrock Gold Corp. (TSXV: BRC) ("Blackrock" or the "Company") and its U.S. subsidiary Blackrock Gold Corp. is pleased to announce that they have entered into a purchase agreement for 20 mining claims, directly adjacent to their Silver Cloud project on the Northern Nevada Rift in Elko County, Nevada. These unpatented lode mining claims, collectively known as the West Silver Cloud property, border Silver Cloud's Northwest Canyon target, where Placer Dome encountered 1.5m of 12.5g/t Au, allowing Blackrock to focus on expanding strike potential beyond the original property boundary.
Andrew Pollard, CEO states: "New data gleaned subsequent to past drilling by both Teck and Placer indicates that the low-sulphidation epithermal vein system on Silver Cloud runs in an east/west direction, not north/south as previously thought and guided the limited drilling done on the project in the past. Placer Dome encountered significant mineralization near the western border of our project, and it has been a top priority to secure the neighboring parcel of land prior to commencing exploration activities, allowing us to test open strike potential in our phase-one drill program currently being planned."
Blackrock (and its wholly-owned U.S. subsidiary) has agreed to pay the vendor $5,000.00 USD upon closing of the transaction; One hundred fifty thousand (150,000) shares of the common stock of the company Blackrock Gold Corp. (the "Payment Shares"); Warrants for the purchase of fifty thousand shares of the common stock of the parent company Blackrock Gold Corp., good for a three year term with an exercise price of twenty cents ($0.20 CAD); and a production royalty equal to one-half a percent (0.5%). Blackrock shall have the option to purchase all of the Grantee's right, title and interest in and to the Royalty (the "Royalty Option") at any time after entering into the agreement The purchase price payable on exercise of the Royalty Option shall be five hundred thousand ($500,000.00) U.S dollars.
Closing of this transaction is subject to approval from the TSX Venture Exchange.
Silver Cloud Claim Expansion Map
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The Company also announces that it has entered into an agreement with a former director and officer of the Company, the Company's former CEO, to settle outstanding debt of US$37,500 (CDN$50,000). Mr. Schifrin has agreed to forgive half of the debt owing (CDN$25,000) and to accept 200,000 shares in the capital of the Company at a deemed price of $0.125 per share to settle the remaining CDN$25,000. The shares for debt settlement transaction is subject to the approval of the TSX Venture Exchange. Any shares issued will be subject to a statutory four-month hold period.
Blackrock is a junior gold-focused exploration company that is on a quest to make an economic discovery. Anchored by a seasoned Board, the Company is focused on their Silver Cloud property, a low-sulphidation epithermal gold & silver project, located along on the established Northern Nevada Rift gold trend in north-central Nevada.
Andrew Pollard, Chief Executive Officer
Blackrock Gold Corp.
Phone: 604 817-6044
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor it's 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 release.
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