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Navy Resources Corp.
Summary
| Project: | Hot Spring Range | |
|---|---|---|
| Deposit: | Hot Spring Range | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 4/28/2020 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 28-4-2020: Navy Resources Corp. announces a Supporting Acquisition report for its Hot Spring Range deposit at the Hot Spring Range project. Summary of property in support of acquisition. The Hot Spring Range Project (HSRP or Property) is located in Humbol | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Michael Dufresne (APEX Geoscience Ltd.) | |
| ABSTRACT: | The Hot Spring Range Project (HSRP or Property) is located in Humboldt County, Nevada, USA at the northern extent of the Hot Spring Range and east in the Eden Valley, approximately 50 km (31 miles) Northeast of the town of Winnemucca and 22 km (13.75 miles) east of Paradise Valley. The HSRP is comprises two blocks of claims the Hot Spring Range claim block and the Little Humboldt River claim block. These blocks have 90 and 78 unpatented mineral claims respectively totaling 168 unpatented mineral claims totaling approximately 1,404 Ha (3,471 acres). The claims are owned by Milliard Geological Consulting, LLC of Lamoille, Nevada. Navy Resources Corp. has entered into an option agreement with MGC to acquire a 100% interest in the Hot Spring Range Project. To acquire a 100% interest in the Property, Navy must make cumulative cash payments of $USD136,140 and cumulative share payments of 1.65 million common shares over 5 years. In addition, to complete the option Navy must complete a one time $1.5USD million payment in cash or equivalent value in shares. Navy is responsible for the property holding costs for the duration of the option agreement. MGC will retain a net smelter royalty (NSR) of 2%. Navy may buy a portion of the NSR at a rate of $USD100,000 for each 0.1 percent to a maximum of 1%. | |
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