Nevada Sunrise Metals Corp. [TSXV: NEV; (OTC Pink: NVSGF] reported that the company has executed a purchase and sale option agreement with Dome Rock Resources, LLC, a private South Dakota company, whereby Dome Rock has agreed to purchase 223 unpatented lode claims from the company, which represent the core claims of the Gemini Lithium Project. Gemini is located in the Lida Valley near the town of Gold Point, Esmeralda County, Nevada.
Following the closing of the transaction, Nevada Sunrise will retain 26 unpatented lode claims located immediately to the west of the claims.
The purchase price for a 100% acquisition of the claims by Dome Rock is US$800,000 (approximately CAD$1.1 million) in cash, paid to the company in accordance with the following schedule: an initial non-refundable US$100,000 deposit was paid within five business days of the execution of the agreement; a second and final payment of US$700,000 to be paid within 120 days of the effective date. The timing of the final payment can be accelerated by the purchaser.
Nevada Sunrise will retain a 2.0% Net Smelter Returns royalty for metals and minerals produced from the Project, of which one-half (1.0%) can be purchased by Dome Rock for US$1.0 million.
Nevada Sunrise holds interests in gold, copper and lithium exploration projects located in Nevada, USA.
Nevada Sunrise holds the rights to earn 100% interests in the Griffon Gold Mine Project located approximately 50 km (31 miles) southwest of Ely, Nevada, and in the Coronado Copper Project, located approximately 48 km (30 miles) southeast of Winnemucca, Nevada.
Nevada Sunrise owns 100% interests in the Gemini (currently the subject of an option-to-purchase agreement), Jackson Wash and Badlands lithium projects, all of which are located in the Lida Valley in Esmeralda County, Nevada. The company owns a 100% interest in Nevada Water Right Permit 86863, also located in the Lida Valley basin, near Lida, Nevada.
