Navy Resources Corp. (TSX-V: NVY) (the “Company”) is pleased to announce that it has received all necessary regulatory approvals to proceed with its proposed arm’s length option agreement (see news release dated March 6, 2020) whereby the Company has the exclusive right to earn a 100% interest in 168 unpatented mining claims covering approximately 1,375 hectares, located on the Getchell gold trend in Humboldt County, Nevada referred to as the “Hot Springs Range Property”. The Company will immediately pay the first year’s option requirement of US$36,140, issue 100,000 shares and looks forward to beginning the stage 1 recommended exploration program of approximately $100,000. A second stage exploration program is contingent on the results of stage 1.
Paul Sun, President and CEO of the Company, stated: “We are pleased to complete the acquisition of the option on the Hot Springs Range Gold Property in Nevada. The project represents a new gold target that has not been previously considered or explored in Nevada. We are looking forward to advancing the project towards the drill ready stage later this year.”
The Hot Springs Range Property consists of previously unexplored mining claims 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 is easily accessible allowing for year-round exploration and is within 20km of 120kV electric power transmission lines. 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,
“Martin Bajic”
CFO and Director
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