- Nevada Exploration Inc. (NGE) has sold a 2.00 per cent net smelter return royalty to a subsidiary of EMX Royalty Corporation for US$500,000
- The subsidiary, Bronco Creek Exploration Inc., is EMX’s North American exploration business unit based out of Arizona
- Nevada Exploration shared it as the option to buy back a total of 1.00 per cent of the royalty by spending US$2.5 million
- It used some of the proceeds to pay annual maintenance fees for its Nevada claims
- Nevada Exploration Inc. (NGE) is up 50.00 per cent and is trading at $0.03 per share as of 1:08 p.m. ET
Nevada Exploration (NGE) has sold a 2.00 per cent net smelter return royalty to a subsidiary of EMX Royalty Corporation for US$500,000.
The subsidiary, Bronco Creek Exploration Inc., is EMX’s North American exploration business unit based out of Arizona. It is focused on the discovery of mineral deposits in Western North America using innovative geologic methods.
Nevada Exploration shared it as the option to buy back a total of 1.00 per cent of the royalty on each project by purchasing 0.50 per cent for US$1 million any time before the seventh anniversary of the agreement or purchasing the remaining 0.50 per cent for US$1.5 million before production time.
If Nevada Exploration is to option out, farm out or sells a project subject to the royalty to a third party, that party will be required to pay EMX annual advance royalties as follows: $20,000 on the first anniversary, $30,000 on the second anniversary, $40,000 on the third anniversary, and $50,000 on the fourth and subsequent anniversaries.
Nevada Exploration stated it used a portion of the proceeds from the sale to pay the Bureau of Land Management annual claim maintenance fees for its Nevada claim holdings.
Nevada Exploration stated it is advancing a portfolio of new gold exploration projects, primarily focused on three district-scale Carlin-type gold projects, which includes its flagship South Grass Valley project where it is currently drilling near the Nevada Gold Mines complex.
Nevada Exploration Inc. (NGE) is up 50.00 per cent and is trading at $0.03 per share as of 1:08 p.m. ET.
