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Smooth Rock Ventures Corp.
Summary
| Project: | Garfield Flats | |
|---|---|---|
| Deposit: | Garfield Flats | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 6/7/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 7-6-2019: Smooth Rock Ventures Corp. announces a Supporting Acquisition report for its Garfield Flats deposit at the Garfield Flats project. Summary of property in support of acquisition. The project comprises 106, unpatented lode mining claims that are o | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Robert D. Thomas Jr (Independent) | |
| ABSTRACT: | The project comprises 106, unpatented lode mining claims that are owned by Goodsprings Exploration LLC, a private Nevada Company, and three unpatented lode mining claims that are owned by Tarsis Resources, a British Columbia Corporation. Smooth Rock Ventures Corp., (SRV) a British Columbia Corporation, can earn an interest in all 109 claims through lease agreements with current lease holders Walker River Resources a British Columbia Corporation, and Nevada Canyon Gold Corp.,(NCG) a Nevada Corporation as follows: SRV entered into a Letter Of Intent (LOI) to form an Exploration Agreement with Option to Form Joint Venture Agreement with Walker River Resources (WRR), a B.C., Corporation, for the Garfield Flats (GF) project on March 26, 2019 ( WRR website www.wrrgold.com). SRV can earn a 50% interest in the GF project by spending $450,000 (C$600,000) for the benefit of the project over a two- year period. WRR obtained the project through an assignment from Nevada Canyon Gold Corp (NCG), a Nevada Corporation, on June 1, 2018. NCG entered into an agreement to lease the project on June 1, 2017 from the project owner, Goodsprings Exploration LLC, a private Nevada limited liability company. The NCG Agreement covers Goodsprings’ original six Orsa and six Lazy unpatented lode mining claims as well as any new claims located by either party in a one-mile Area of Interest from the outside boundary of the original claims. The initial term of the lease is for ten years with the right to extend the Agreement for two additional terms of ten years. The initial and first anniversary payments of $15,000 have been made, and subsequent anniversary payments of $20,000 are due on the second and third anniversaries, $25,000 on the fourth and fifth anniversaries and $40,000 on all subsequent anniversaries thereafter. There is a two percent Gross Proceeds Royalty on all mineral production from the project, and NCG must purchase the project for $300,000 before any development work or mining can begin. The royalty survives the purchase of the claims. | |
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