Nevada Canyon acquired an 2% net smelter returns royalty (NSR) on the Palmetto Project. The Palmetto Gold Project has a current initial NI 43-101 mineral resources summarized in the table below.
The Palmetto property has been actively explored by several different Companies (Newmont Gold, Phelps Dodge, Cambior Inc, Romarco Minerals) since the 1980s, over US$25m has been spent on the Project to date. The Project’s current owner Smooth Rock Ventures Corp, ongoing exploration program includes the re-modeling and re-interpreting of the geological model.
There are several additional mineralized zones hosting significant grades within close proximity to the inferred resource zones. These zones have yet to be included in the resource estimate due to drilling density. Smooth Rock sees these areas having immediate potential to significantly add to the overall resource by increasing the drilling density between the mineralized shells.
Smooth Rock’s geological team intends to increase and upgrade the category of the resource from inferred to measured and indicated. Smooth Rock estimates the potential exists for increasing to 1m ounces into the measured and indicated category. The Palmetto Project, consists of 116 unpatented mining claims totalling 2,217 acres located in Esmeralda County, Nevada, within the southern portion of the Walker Lane gold trend.