High-Grade Epithermal Gold-Silver in Nevada’s Walker Lane Trend
On February 11, 2021, the Company signed with Enigma Resources LLC (“Enigma”) an option to purchase, over five years, 100% of the Rockland property, including the past-producing Rockland Mine, located in the Walker Lane geological belt of western Nevada. The property hosts a large, robust, low-sulphidation epithermal gold-silver vein system with many if not all of the important geological characteristics associated with bonanza-grade epithermal deposits elsewhere in Nevada at the Midas (Ken Snyder) and Sleeper mines, among others.
Between 2021 and 2023, Evergold carried out a spectrum of exploration activities on the Rockland property including historical data compilation, gridded soil sampling, a drone-based high resolution magnetic survey, ground-based CSAMT (controlled-source audio-magneto telluric) and IP (Induced Polarization) surveys, TerraSpec analysis of historical drill chips, data modelling exercises, archaeological and environmental studies, culminating in the development of operational plans for drilling covering both the western and eastern halves of the property. These efforts resulted in the granting to the Company of drill permits encompassing as many as 33 drill sites and up to 165 drill holes.
On October 28, 2024, the Company signed with Enigma a First Amendment to the 2021 Enigma-Evergold Option Agreement, in order to accommodate terms of an option granted to Wolfden Resources Corporation by the Company and also signed on October 28, 2024 (the “Evergold-Wolfden Option Agreement”). Under the terms of the Evergold-Wolfden Option Agreement, and as allowed for and accommodated by the First Amendment to the Enigma-Evergold Option Agreement, Wolfden, as project Operator, may earn an initial 51% interest in the Rockland property by completing US$1,175,000 in exploration work expenditures, including 5,000 feet of drilling, by January 1, 2026, in addition to posting an estimated US$100,000 drilling bond with the USFS by December 15, 2024, making a cash payment of US$100,000 to Enigma on March 1, 2025, and making additional cash payments of US$100,000, US$150,000, and US$250,000 on each of March 1, 2026, March 1, 2027, and March 1, 2028 respectively. Wolfden can elect to earn an additional 24% interest, bringing its total interest to 75%, by completing a pre-feasibility study within 5 to 8 years, following which the parties may elect to establish a joint venture on standard industry terms.