Eclipse Gold Mining Corporation (TSXV: EGLD) (OTC Pink: EGLPF) (“Eclipse” or the “Company”) is pleased to announce that the Company’s wholly-owned subsidiary, Hercules Gold USA, LLC (“Hercules”), has entered into two binding purchase and sale agreements (the “Purchase Agreements”) to acquire claims located adjacent to and within the Company’s Hercules Gold Project boundary.
The first Purchase Agreement is with Comstock Exploration and Development LLC and Comstock Gold Inc. (collectively, the “Sellers”) to acquire a 100% interest in eight unpatented lode mining claims located adjacent to Eclipse’s Hercules Project in Nevada’s Walker Lane trend (the “Como Comet Claims”).
The Como Comet Claims feature the past producing and successfully reclaimed open pit heap leach Hulley Logan Mine. No detailed production records are currently available for the mine. Inspection by Eclipse geologists has suggested that mineralization continues beyond the previously mined pit on these newly acquired claims and onto adjacent portions of the Hercules Property. Surface sampling completed by Eclipse Gold Mining has returned values on adjacent claims ranging from below detection to 7.65 g/t gold. Mineralization has been described as low sulphidation epithermal style similar to other showings at Hercules and in the broader region.
Subject to regulatory approval, Eclipse will acquire an undivided 100% interest in the Mining Claims by:
- Issuing 100,000 common shares of the Company to the parent company of the Sellers, Comstock Mining Inc. (“Comstock Parent”).
- Granting a 2% net smelter royalty to Comstock Parent, which is subject to certain buy down provisions.
A second purchase and sale agreement has been entered into with Nevada Select Royalties, a wholly owned subsidiary of Ely Gold, to acquire a single unpatented mining claim located within the Hercules Property boundary for US$20,000 and by granting the seller a 2% Net Smelter Royalty on the claim which is subject to certain buy down provisions.