Blackrock Gold Completes Acquisition of Adjacent West Silver Cloud Property in Nevada
Vancouver, British Columbia--(Newsfile Corp. - July 16, 2019) - Blackrock Gold Corp. (TSXV: BRC) (the "Issuer") and its U.S. subsidiary, Blackrock Gold Corp. ("BRC"), is pleased to announce that in connection with a purchase agreement dated June 21, 2019 (the "Agreement") between the Issuer, BRC, and Joy A. Perry-Redfern and Richard R. Redfern (the "Vendors"), the Issuer and BRC have closed the acquisition of 20 mining claims directly adjacent to its Silver Cloud project on the Northern Nevada Rift in Elko County, Nevada (the "West Silver Cloud Property").
On July 11, 2019, in relation to the acquisition by BRC of the West Silver Cloud Property, the Issuer and BRC paid to the Vendors USD$5,000.00, and the Issuer issued to the Vendors 150,000 common shares of the Issuer and 50,000 share purchase warrants, with each warrant exercisable at a price of $0.20 per share until July 11, 2022. The common shares and any shares issued upon exercise of any warrants are subject to a hold period expiring on November 12, 2019.
The Vendors will also be entitled to a production royalty equal to 0.5%. The Issuer shall have the option to purchase all of the Vendors' right, title and interest in and to the Royalty (the "Royalty Option") at any time after entering into the Agreement, subject to further TSX Venture Exchange review and acceptance. The purchase price payable on exercise of the Royalty Option shall be USD$500,000.
The West Silver Cloud Property's unpatented lode mining claims 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.
The closing of this acquisition has been approved by the TSX Venture Exchange.
Figure 1. Silver Cloud Claim Expansion Map
To view an enhanced version of Figure 1, please visit:
About the Issuer
The Issuer is a junior gold-focused exploration company that is on a quest to make an economic discovery. Anchored by a seasoned board of directors, the Issuer is focused on their Silver Cloud property, a low-sulphidation epithermal gold, and 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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