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Summa Silver Corp.
Summary
| Project: | Hughes | |
|---|---|---|
| Deposit: | Hughes | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 6/30/2020 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 30-6-2020: Summa Silver Corp. announces a Supporting Acquisition report for its Hughes deposit at the Hughes project. Summary of property in support of acquisition. The Hughes Property (“Hughes” or “The Property”) consists of 57 patented claims and 110 un | |
| Resources: | x | |
| CP/QP: | [Overall Report] Luke van der Meer (Independent) | |
| ABSTRACT: | The Hughes Property (“Hughes” or “The Property”) consists of 57 patented claims and 110 unpatented claims which, together, covers approximately 1,085 ha. The 57 patented claims of the Hughes Property are shown in the Nye County records as being held by Summa, LLC (the “Optionor” or the Vendor”), the beneficial owner, who entered into an option agreement on March 8, 2020 with 1237025 Nevada Inc. (the “Optionee”), which is a wholly-owned subsidiary of Summa Silver Corp (“SSVR” or the “Company”). The remaining 103 unpatented claims (861 ha) are shown on both the BLM and Nye County Registry as being registered 100% in the name of 1237025 Nevada Inc., who is also a beneficial owner. The remaining 7 unpatented claims of the Hughes Property are shown on both the BLM Land and Mineral Registry and the Nye County Registry as being registered 100% in the name of Searchlight Exploration LLC (“Searchlight”). Full title and interest in these claims have been quitclaimed to Rangefront Geological LLC (“Rangefront”) who is holding them in trust as the claim transfers to 1237025 Nevada Inc are completed. In addition to the 0.5% NSR in favour of Summa LLC, there is a 2% NSR on the 57 mining patents in favour of Summa Corporation | |
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