Blackrock Gold Corp (CVE:BRC) announced Tuesday it had closed the acquisition of 20 mining claims adjacent to the company’s Silver Cloud project in Nevada.
The West Silver Cloud property borders Silver Cloud's Northwest Canyon target, where the firm Placer Dome encountered 1.5 metres of 12.5 grams per ton gold.
The new acquisition enables Blackrock to focus on expanding the strike potential beyond the original boundary of the property.
Vancouver-based Blackrock said that it had completed payments of US$5,000 and issued 150,000 shares and 50,000 warrants to the vendors of the West Silver Cloud property. Each warrant is exercisable at C$0.20 per share until July 11, 2022.
The vendors also retain a production royalty of 0.5% on the property. Blackrock has the option to purchase the vendor’s rights, title and interest in the royalty at any time for US$500,000 subject to regulatory approval.
Blackrock's Silver Cloud project lies on a rich gold belt, near the confluence of the Carlin Trend and the Northern Nevada Rift in north-central Nevada.
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas