Evergold Corp (TSX-V:EVER, OTC:EVGUF) announced that it has granted Wolfden Resources an option to acquire up to a 75% stake in its Rockland gold-silver property in Nevada, south of Yerington in the Walker Lane belt.
Wolfden is expected to start a minimum 5,000 m drill program in the near future, according to a statement from Evergold.
Under the first stage of the option agreement, Wolfden can earn a 51% interest by investing $1.175 million in exploration by January 2026, including a drilling bond to be posted with the US Forest Service by December 15, 2024.
Additionally, Wolfden must make $600,000 in cash payments to Enigma Resources, the underlying property rights holder, by March 2028.
To reach a 75% interest, Wolfden must complete a pre-feasibility study within five to eight years, after which the parties may form a joint venture.
“Ron Little and the Wolfden team including advisor and past Chair Ewan Downie, have had tremendous success finding and developing mineral deposits, and building and operating mines, in Africa and North America, including in the state of Nevada,” Evergold CEO Kevin Keough commented.
“We are therefore very happy to have them taking on the Rockland project and advancing it expeditiously to drilling, as it presents both a vote of confidence in its exciting exploration merits, amply reviewed in Wolfden’s news release, and a source of potential near-term value generation for Evergold shareholders.”
In Wolfden’s release, the company's vice president exploration Don Dudek highlighted the Rockland East target as “one of the most exciting drill ready exploration targets in the Walker Lane Trend.”
“We look forward to being in a position to commence a minimum 5,000 foot core drill program before the end of the year by taking advantage of the previously approved drill program permitting,” Dudek said.