Kevin Brewer, President and CEO of Walker Lane noted: "This package of properties in Nevada, provides us with excellent exposure to the emerging Walker Lane area. In particular, Tule Canyon provides us with a second drill ready property in our diverse property portfolio. We intend to commence drilling at Tule Canyon in Q3-Q4, 2025. Cambridge and Silver Mountain also have considerable exploration prospectivity. All of these properties hold the potential to generate advanced stage exploration projects in the near term. These acquisitions also serve to fulfill a long-standing objective of our Board - - to acquire properties that enable us to conduct exploration activities year-round which will result in a vastly improved flow of exploration activity and results. We are very pleased to be working closely with Mr. Mike Power of Paladin Geosciences Corp. (and who is also the President and CEO of Silver Range) who has a considerable understanding of the geology and mineralization styles in Nevada and will be actively involved in our project undertakings."
Tule Canyon Property
The Tule Canyon Property lies 95 km south of Tonopah and 80 km northwest of Beatty in Esmeralda County, near the Nevada-California border. Tule Canyon has:
- Four defined drill targets mapped beneath high grade gold and silver showings;
- A 5 kilometer-long structural corridor of mesothermal high grade gold and silver mineralization associated on a boundary of an aeromagnetic anomaly with an inflection that may reflect deeper basement mineralization controls;
- Two former mines (Dark Secret and Eastside) and numerous old workings;
- Widespread gold and silver mineralization hosted in numerous quartz veins with mesothermal textures. Precious metals are associated with hematite, pyrite, yellow plumbo-jarosite or similar lead oxides, rare galena and copper oxides;
- Surface grab samples have produced up to 31.8 g/t gold and 4,320 g/t silver and chip samples from hand dug trenches of 40 meters @ 0.469 g/t gold including 20 meters @ 0.695 g/t gold;
- The western end of the aeromagnetic trend covers the Ingall's Vein and the China Doll zone which are silver-dominant showings with mineralization returning up to 4,320 g/t Ag and up to 31.8 g/t Au (see figures 2 and 3); and,
- The eastern end of the trend is gold-dominant (see figures 2 and 3) with assays up to 37.3 g/t Au at surface and 27.6 g/t Au underground.
Despite the past history of mining and high-grade surface mineralization on the property, there is little evidence of modern exploration activity and no known drilling.
Silver Range and WLR have executed a Letter of Intent ("LOI") granting WLR the option to acquire 100% of the Tule Canyon Property ("Tule Canyon"). WLR has a first option to acquire 80% of Tule Canyon by paying Silver Range an aggregate $480,000 over four years (all amounts in United States currency) and completing 1,500 meters of diamond drilling by March 8, 2028. A second option to acquire the remaining 20% of Tule Canyon may be exercised by WLR identifying a National Instrument 43-101 compliant measured or indicated resource at Tule Canyon (the "Tule Resource") by the end of 2033.
A milestone payment of $10 per ounce of gold (or the equivalent value in other commodities) as contained in the Tule Resource will be due to Silver Range within six months of the identification of the Tule Resource. Approximately 50% of all cash payment under both option stages may be made in WLR shares. Lastly, following the acquisition of a 100% interest in Tule Canyon by WLR, Silver Range will retain a 2.5% net smelter return ("NSR") in the property, which may be reduced to 1.0% by the payment of $500,000 per each 0.5% prior to the commencement of commercial production at Tule Canyon.
Cambridge Property
The Cambridge Project is located 33 km south of Yerington in Lyon County, NV and is road accessible. Cambridge comprises of:
- High-grade gold, shear-hosted mesothermal veins hosted in north-trending, steeply-dipping faults or shears up to 1,500 meters in strike length that cut a Cretaceous quartz monzonite;
- The veins contain coarse grained, ribbon banded white quartz together with visible gold, pyrite, galena, pyrrhotite, chalcopyrite, lesser tetrahedrite and amorphous black sulphides in disseminations and clots;
- Three known gold zones – the Cambridge Mine, Price Lode and North Trends – which have an aggregate strike length of approximately 2.7 kilometers;
- Initial geochemical surveys have resulted in 29% of 68 grab rock samples grading in excess of 5 g/t gold with highest assay of 93.8 g/t gold (see Figure 4), trench results up to 3.2 m @ 14.65 g/t gold, and silver from trace to 274 g/t Ag is associated with the gold mineralization;
- Strong gold-in-soil anomalies that are coincident with the mineralization (see Figure 5);
- The former producing Cambridge Mine is noted for its visible gold, that has also been recently recovered from waste dumps. Mineralization in the historic workings at the Cambridge Mine has been traced to a depth 137 meters (450 feet); and,
- Numerous other historic workings throughout the property.
It is expected that with a minimal amount of modern exploration work this project can be elevated to drill-ready stage in 2025.
Silver Range, Auburn Gold Mining LLC ("Auburn") and WLR have executed a LOI granting CMC the option to acquire 100% of the Cambridge Property ("Cambridge"). WLR has a first option to acquire 75% of Cambridge for total consideration of $460,000 over four years, incurring $1,500,000 in exploration expenditures and completing 1,500 meters of diamond drilling on the property. A second option to acquire the remaining 25% of the property can be exercised by WLR making an additional aggregate $75,000 to Silver Range and Auburn and by identifying a National Instrument 43-101 compliant measured or indicated resource at Cambridge (the "Cambridge Resource") by the end of 2033. Up to 48% of all cash payments under both option stages may be paid in WLR shares. Following the exercise of the second option, a milestone payment of $10 per ounce of gold (or the equivalent value in other commodities) as contained in the Cambridge Resource will be due to Silver Range and Auburn within six months of the identification of the Cambridge Resources. In addition, Silver Range and Auburn will retain a combined 2.5% NSR on Cambridge, which may be reduced to 1.0% by the payment of $500,000 per each 0.5% prior to the commencement of commercial production at Cambridge.
Silver Mountain Property
The Silver Mountain Property is located in Esmeralda County, approximately 57 kilometers south of Goldfield, near the Nevada-California border. Silver Mountain
- Deep epithermal to mesothermal-type oxidized quartz veins with high-grade silver mineralization; and
- Two showings including (i) Hidden Gulch with potential for high-grade narrow vein mining; and, (ii) Old Cabin which is a potential bulk-tonnage silver target (see Photos a-c);
- At Hidden Gulch, underground chip sampling has returned up to 0.6 meters @ 1,415 g/t silver and 0.48% copper from a sample across the face of a drift in the Silver Bowl Mine, the most significant workings along the principal structure. On surface, chip sampling returned up to 0.4 meters @ 1,245 g/t Ag from a vein exposed in a pit near the southern end of the principal structure. High-grade silver mineralization occurs in a steeply west-dipping normal fault within a structural corridor identified to data as being up to 370 meters in length. West of this principal fault structure, at least one east-dipping antithetic fault parallels the main fault in the hanging wall of the Silver Bowl Mine. Sampling across one of these antithetic veins returned 0.65 meters @ 546 g/t silver Previously reported grab sampling along this structure also returned assays up to 3,270 g/t silver; and,
- The Old Cabin Showing is located a mile to the southwest of Hidden Gulch and hosts mineralization in an unusual sequence of numerous stacked, tabular extensional quartz veins, exposed over more than 30 meters up a ridge. Grab samples from this zone have returned assays up to 394 g/t silver.
Silver Range and CMC have executed a LOI granting WLR the option to acquire 100% of the Silver Mountain Property ("Silver Mountain") for total consideration of $200,000, payable in installments of $5,000 per year until 2034 with a final payment of $150,000 by August 1, 2035. Up to half of the final payment may be made in WLR shares. In addition, WLR would be required to complete 1,000 meters of drilling during the term of the option.
A milestone payment of $10 per ounce of gold (or the equivalent value in other commodities) will be due to Silver Range within six months of the identification of a National Instrument 43-101 compliant measured or indicated resource at Silver Mountain. In addition, Silver Range will retain a 2.5% NSR on the property, which may be reduced to 1.0% by payment of $500,000 per each 0.5% prior to the commencement of production at Silver Mountain.
Shamrock Property
The Shamrock property is located 45 kilometers east-southeast of Ely, in White Pine County, eastern Nevada in the Sacramento Mining District. The property comprises of:
- Gold-rich carbonate replacement deposit ("CRD") mineralization in discordant veins and breccias occur in an 800 meter (north-south) by 300 meter (east-west) area and are hosted in Cambrian aged limestone, quartzite and phyllite units;
- The Gilded Age Mine and the Woodman Mine where gold and silver mineralization wad discovered and produced in the mid to late 1800's. Combined production from the two mines was the 9 th largest in Nevada;
- Numerous vintage workings on the property including adits, shafts and stopes reaching surface where grab samples from dumps have assayed up to 233 g/t gold, 1,520 g/t silver and 4.04% copper .
Silver Range and WLR have executed an agreement whereby WLR is granted a right of first refusal ("ROFR") to any future sale, option, or other disposition of all or a partial interest in the Shamrock Property at any time prior to October 1, 2025. If Silver Range receives an offer for the Shamrock property up to October 1, 2025, WLR will have 30 days from the offer date, by another party or person, to notify Silver Range in writing that it desires to accept the offer or otherwise terminate the ROFR.
Summary
Walker Lane Resources Ltd. has optioned three highly prospective gold and silver projects in the Walker Lane Area. Our company intends to aggressively pursue exploration of these properties in 2025 which is expected to include an initial drill program at Tule Canyon.
Qualified Person
Qualified Person Kevin Brewer, a registered professional geoscientist, is the Company's President and CEO, and Qualified Person (as defined by National Instrument 43-101). He has given his approval of the technical information pertaining reported herein. The Company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying and all other technical data.
About Walker Lane Resources Ltd.
Walker Lane Resources Ltd. is a growth-stage exploration company focused on the exploration of high-grade gold, silver and polymetallic deposits in the Walker Lane Gold Trend District in Nevada and the Rancheria Silver District in Yukon/B.C. and other property assets in Yukon and Newfoundland and Labrador. The Company intends to initiate an aggressive exploration program to advance the Tule Canyon (Walker Lane, Nevada) and Amy (Rancheria Silver, B.C.) projects through an aggressive drilling program to resource definition stage in the near future.
On behalf of the Board:
"Kevin Brewer"
Kevin Brewer, President, CEO and Director
Walker Lane Resources Ltd.
For Further Information and Investor Inquiries:
Kevin Brewer, P. Geo., MBA, B.Sc. (Hons), Dip. Mine Eng.
President, CEO and Director
Tel: (709) 327 8013 kbrewer80@hotmail.com
Suite 1600-409 Granville St., Vancouver, BC, V6C 1T2
Cautionary and Forward Looking Statements
This press release and related figures, contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plans", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "should", "believe" "targeted", "can", "anticipates", "intends", "likely", "should", "could" or grammatical variations thereof and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this presentation. These forward-looking statements include, but are not limited to, statements concerning: our strategy and priorities including certain statements included in this presentation are forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Tule Canyon, Cambridge, Silver Mountain, and Shamrock Properties in Nevada (USA), and its properties including Silverknife and Amy properties in British Columbia, the Silver Hart, Blue Heaven and Logjam properties in Yukon and the Bridal Veil property in Newfoundland and Labrador all of which now comprise the mineral property assets of WLR. WLR has assumed other assets of CMC Metals Ltd. including common share holdings of North Bay Resources Inc. (OTC-US: NBRI) and all conditions and agreements pertaining to the sale of the Bishop mill gold processing facility and remain subject to the condition of the option of the Silverknife property with Coeur Mining Inc. (TSX:CDE). These forward-looking statements reflect the Company's current beliefs and are based on information currently available to the Company and assumptions the Company believes are reasonable. The Company has made various assumptions, including, among others, that: the historical information related to the Company's properties is reliable; the Company's operations are not disrupted or delayed by unusual geological or technical problems; the Company has the ability to explore the Company's properties; the Company will be able to raise any necessary additional capital on reasonable terms to execute its business plan; the Company's current corporate activities will proceed as expected; general business and economic conditions will not change in a material adverse manner; and budgeted costs and expenditures are and will continue to be accurate.
Actual results and developments may differ materially from results and developments discussed in the forward-looking statements as they are subject to a number of significant risks and uncertainties, including: public health threats; fluctuations in metals prices, price of consumed commodities and currency markets; future profitability of mining operations; access to personnel; results of exploration and development activities, accuracy of technical information; risks related to ownership of properties; risks related to mining operations; risks related to mineral resource figures being estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently anticipated; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; changes in operating expenses; changes in general market and industry conditions; changes in legal or regulatory requirements; other risk factors set out in this presentation; and other risk factors set out in the Company's public disclosure documents. Although the Company has attempted to identify significant risks and uncertainties that could cause actual results to differ materially, there may be other risks that cause results not to be as anticipated, estimated or intended. Certain of these risks and uncertainties are beyond the Company's control. Consequently, all of the forward-looking statements are qualified by these cautionary statements, and there can be no assurances that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences or benefits to, or effect on, the Company.
The information contained in this presentation is derived from management of the Company and otherwise from publicly available information and does not purport to contain all of the information that an investor may desire to have in evaluating the Company. The information has not been independently verified, may prove to be imprecise, and is subject to material updating, revision and further amendment. While management is not aware of any misstatements regarding any industry data presented herein, no representation or warranty, express or implied, is made or given by or on behalf of the Company as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any person for such information or opinions. The forward-looking statements and information in this presentation speak only as of the date of this presentation and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law. Although the Company believes that the expectations reflected in the forward-looking statements and information are reasonable, there can be no assurance that such expectations will prove to be correct. Because of the risks, uncertainties and assumptions contained herein, prospective investors should not read forward-looking information as guarantees of future performance or results and should not place undue reliance on forward-looking information. Nothing in this presentation is, or should be relied upon as, a promise or representation as to the future. To the extent any forward-looking statement in this presentation constitutes "future-oriented financial information" or "financial outlooks" within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to the risks set out above. The Company's actual financial position and results of operations may differ materially from management's current expectations and, as a result, the Company's revenue and expenses. The Company's financial projections were not prepared with a view toward compliance with published guidelines of International Financial Reporting Standards and have not been examined, reviewed or compiled by the Company's accountants or auditors. The Company's financial projections represent management's estimates as of the dates indicated thereon.
Figure 1: Project Locations in Nevada
Figure 2: Positive Gold Results in Preliminary Rock Sampling – Tule Canyon
Figure 3: Positive Silver Results from Preliminary Rock Sampling – Tule Canyon
Figure 4: Gold in Preliminary Rock Sampling – Cambridge Property.
Figure 5: Gold in Preliminary Soil Sampling – Cambridge Property.
Note: in both soil and rock sampling encouraging results are coincident in a majority of cases with historical workings and the former Cambridge Mine.
Figure 6: Silver Mountain Property, Walker Lane Area
- Gulch showing with historic workings indicated by arrows.
- Stacked, planar veins in a working at the Old Cabin showing, indicated by orange lines.
- Extensional vein detail – Old Cabin Showing. Mineralized quartz grades > 100 g/t silver.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/dc07d63a-49d6-4d5b-ad61-03c111d82b97
https://www.globenewswire.com/NewsRoom/AttachmentNg/59bf1ec6-6f6a-45d5-9d4c-28b6588c734d
https://www.globenewswire.com/NewsRoom/AttachmentNg/c38ac1cf-b0bb-4ebb-939b-00faa63fc112
https://www.globenewswire.com/NewsRoom/AttachmentNg/a1c517e0-ae24-4985-8aa6-473b5cbeea89
https://www.globenewswire.com/NewsRoom/AttachmentNg/72cd6f41-c8a2-4964-a701-f85fdbd19bc7
https://www.globenewswire.com/NewsRoom/AttachmentNg/d3a67ee5-d537-4e31-b891-b7ecc91553ba
Figure 1: Edjudina Gold Project – Location & Tenements Map
Figure 1: Location of the VTM Project with respect to Mineral Resource outline, granted Mining Permit MMP55581 (within New Zealand’s Exclusive Economic Zone) and Exploration Permit MEP54068 (within New Zealand Territorial Waters).
Figure 2: The proposed Integrated Mining Vessel and associated subsurface seabed crawler and simultaneous re-deposition of post processed sands.
Table 1: VTM Project Mineral Resource Estimate (March 2023)See