Smooth Rock Ventures (TSXV: SOCK) completed its option-to-purchase agreement on the Palmetto project in the US.
With this completion, Smooth Rock now owns a 100% undivided interest in the project. The total purchase price was $500,000.
Located in Esmeralda County, Nevada, Palmetto consists of 79 unpatented mining claims totalling 1600 acres. The property lies within the southern portion of the Walker Lane gold trend.
Palmetto lies within the southern portion of the Walker Lane gold trend
According to Smooth Rock Ventures, the project has had significant exploration work carried out by Newmont Gold, Phelps Dodge Corp, Cambior Inc., Romarco Minerals, Curran Corp., Amselco Minerals and Escape Gold Group Inc.
“To date, 173 drill holes totalling 43,940 meters have been completed on several targets within the project. The initial ‘Discovery Hole’ in 1988, was drilled by Phelps Dodge and bonanza gold-silver veins were subsequently drilled by Romarco Minerals in 1997-2002,” the miner said in a media statement. “[The project] was most recently explored by ML Gold Corp.”
The Canadian company reported that Palmetto has a historic resource estimation completed by WSP Canada Inc. for ML Gold Corp. in 2017. In the inferred category, these estimates were set at 321,665 ounces of gold and 2,408,030 ounces of silver.