Nevada Canyon Acquires The Belshazzar Project
Reno, Nevada. June 4, 2021 Nevada Canyon Gold Corp. (OTC Markets: NGLD) (The “Company” or “Nevada Canyon”) is pleased to announce it has entered into an Exploration Lease with Option to Purchase Agreement (“the Agreement”) on the Belshazzar Project Property, located within the Quartzburg mining district, in Boise County, Idaho, approx. 25 miles north-northeast of Boise ID.
The Belshazzar Property consists of 10 unpatented mineral claims and 7 placer mineral claims in a combined area of approx. 200 acres. situated along the upper reaches of Fall Creek within the Quartzburg mining district The Property is accessed via 16 miles of mostly gravel road from Idaho City, with year-round access. The Quartzburg district is in the western part of a larger mining region known as the Boise Basin, which produced over 2.8 million troy ounces of gold from placer and lode mines (Anderson, 1947).
The Belshazzar Property hosts the past producing Belshazzar mine. Approximately 3000 feet of underground workings consisting of several adits at different levels, sub-levels with connecting vertical shafts and milling facilities. By 1914, the Belshazzar mine had its own boarding house, bunk house, barn, assay office, blacksmith shops, sawmill and IO-stamp mill. Construction of a new mill was completed in 1924. A 1,700-foot-long aerial tramway connected ore bins at the No. 2 portal with the mill on Fall Creek (Quinn, 1914) remains of a tram terminal can still be seen at the No. 2 portal and at the site of the original mill (Dan Turmes, Idaho Dept. of Environmental Quality, 2008) The last known production from the Belshazzar mine was reported in 1941 (Mitchell, 2008). Exact production figures for the mine are not available.
As early as 1914, “high grade specimen rock” was being reported from the Belshazzar mine (Quinn 1914), this material was found in the drift on the No. 3 level. A reported (Campbell,1927) “nugget” which yielded $245 in gold, equivalent at the time to almost 12 ounces. During 1928, it was noted that “some remark ably rich segregations of native gold” had been found in a section of the vein between the 401 and No. 3 levels. Several hand-sorted lots of this material contained between 48 and 435 ounces of gold, and one single specimen of pure metal reportedly weighed 105 ounces (Mitchell, 2008). Some of the ore was so rich that it was shipped directly to the assay office in Boise without treatment. Most of the specimen gold found at the Belshazzar was probably melted down, as few specimens are known to have survived from the active mining period ending in 1931.
In recent years, a ” waste” rock dump located near the portal of the mine’s 401-foot level has, with the aid of modern metal detectors, produced hundreds of wire gold specimens, ranging from microscopic in size to over 20 troy ounces. Total recent gold specimen production to-date is unknown but is probably well in excess of 800 ounces of gold The term of the Agreement continues for ten (10) years, subject to the right to extend the Agreement for two (2) additional terms of ten (10) years each, and subject to an option to purchase 100% of the Property. Full consideration of the Agreement consists of the following: (i) an initial cash payment of $20,000.00 USD within 90 days upon execution of the agreement. (ii) $20,000.00 on the first anniversary of the effective date and any succeeding anniversary of the effective date while the Agreement remains in effect.
Nevada Canyon has the exclusive purchase option and right to acquire 100% ownership of the Property (the “Option”). The purchase price of the Property shall be USD $800,000.00 (the “Purchase Price”). The Purchase Price can be paid in either cash and/or equity of Nevada Canyon, or a combination thereof, at the election of the Vendor. The Belshazzar Property is subject to an 1% Gross Returns Royalty payable to the property owner, from the Commencement of Commercial Production subject to certain terms. Held by private interests for most of its history, the Belshazzar Project remains very underexplored with virtually no modern-day exploration programs. The Project has exceptional potential for new discoveries on several exploration targets with multiple zones.
On Behalf of the Board of Directors,
Jeffery A. Cocks, President & CEO
Nevada Canyon Gold Corp.
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Reno, Nevada 89502
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This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Nevada Canyon Gold Corp., to be materially different from the statements made herein. Specifically, forward-looking statements in this news release include statements with respect to the potential mineralization and geological merits of the Company properties. There can be no assurance statements will prove to be accurate and actual results and future events could differ materially from anticipated in such statements. No stock exchange, securities commission or other regulatory body has reviewed nor accepts responsibility for the adequacy or accuracy of this release. Investors are advised to carefully review the reports and documents that Nevada Canyon Gold Corp. files from time to time with the SEC, including its Annual Form 10K for the fiscal year ended December 31, 2016, Quarterly and Current Reports.
Nevada Canyon Gold Corp. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events except as required by applicable securities legislation.