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Blackrock Gold closes US$3M deal to acquire Tonopah West project in Nevada

Blackrock now has control over the largest claim package in the area and a major foothold in the Tonopah district

Blackrock Gold Corp -
The agreement with Ely Gold Royalties Inc gives Blackrock a four-year purchase option for the projec

Blackrock Gold Corp (CVE:BRC) (OTCPINK:BKRFF) has completed its lease option agreement for the Tonopah West project, the company said Thursday.

The agreement with Ely Gold Royalties Inc gives Blackrock a four-year purchase option for the project, which lies in the historic Tonopah silver district.

Vancouver-based Blackrock now has control over the largest claim package in the area and a major foothold in the Tonopah district, which has produced over 174 million ounces of silver and 1.8 million ounces of gold.

READ: Blackrock Gold inks transformative deal to acquire Tonopah West project in Nevada

Tonopah West consists of 98 patented and 17 unpatented lode mining claims covering around 4.5 square kilometres or 1,100 acres of land.

“We are excited to move forward on the property in one of the largest and highest grade past-producing silver districts in North America,” Blackrock CEO Andrew Pollard told shareholders in a statement.

The brownfield property adds a “new dynamic” to Blackrock, giving it compelling and well-defined targets, according to Pollard.

“In the closing of this multi-property agreement, we have consolidated this district-leading claim package together for the first time since Howard Hughes held them back in the 1960s,” Pollard said.

The four-year lease option agreement sees Blackrock paying Ely US$325,000 in cash upon closing, followed by escalating cash payments for the duration of the four-year period in a total deal worth US$3 million.

Blackrock plans to target four areas on the property where historic data points to a possible 2.5 million- to 6.5 million-ton deposit with grades ranging from 13 to 21 grams per ton gold and gold equivalent. 

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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Price: 0.23 CAD

TSX-V:BRC
Market: TSX-V
Market Cap: $15.96 m
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Full interview: Blackrock Gold prepares to explore mine dumps and tailings...

Blackrock Gold (CVE: BRC) CEO Andrew Pollard joined Steve Darling from Proactive Vancouver with news the company is planning to get started with work on their 100% controlled Tonopah West project located in the Walker Lane trend of Western Nevada. Pollard telling Proactive they plan to do a...

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