Navy Resources Corp. (TSX-V: NVY) (the “Company”) is pleased to announce that it has entered into an option agreement (the “Agreement”) with Milliard Geological Consulting. (“MGC”), a limited liability company domiciled in Nevada, USA, under which the Company may earn a 100% interest in MGC’s 168 unpatented mining claims covering approximately 1,375 hectares, located on the Getchell trend in Humboldt County, Nevada (the “Hot Springs Range Property”).
Under the terms of the Agreement, the Company has up to five years to acquire a 100% interest in the Property by making cumulative cash payments of USD $136,140 and cumulative share payments of 1,650,000 common shares in the capital of the Company, followed by a $1,500,000 payment payable in cash or common shares at the option of the Company, subject to TSXV acceptance. The largest portion of the payments fall in the final years of the option, the exercise of which the Company may accelerate at its option.
MGC retains a Net Smelter Royalty of 2% which the Company may purchase in 0.1% increments for USD$100,000 for each increment up to maximum of 1%. The Company is responsible for Property holding costs during the duration of the Agreement.
The acquisition is subject to TSXV approval and will constitute the Company’s fundamental asset acquisition to meet Tier 2 continued listing requirements. A NI 43-101 compliant technical report is being prepared for the project.
The Hot Springs Range Property consists of 168 unpatented historically unexplored mining claims covering 1,375 hectares and shows similar structural setting, lithological, alteration, and regional geochemical characteristics with the Getchell Trend and associated Turquoise Ridge and Twin Creek deposits. The Property lies within approximately 15 Km to existing processing facilities, has proximal infrastructure and is easily accessible. All scientific and technical information in this news release has been prepared by, or approved by Bryan Atkinson, PGeo. Mr. Atkinson is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
On behalf of the Board of Directors,
CFO and Director
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