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News
Highway 50 Gold to Acquire Gold Knob Property, Nevada
November 16, 2020
Vancouver, British Columbia — Highway 50 Gold Corp. (TSX.V — HWY)
Highway 50 Gold Corp. (the “Company”) is pleased to announce that it has entered into an agreement to acquire a 100% interest in 378 unpatented claims comprising the Gold Knob property located in Pershing County, southwest of Winnemucca, Nevada. These claims cover a large portion of the exposed Hot Springs lower-plate window as well as extensions under shallow pediment cover west of the East Range.
The Hot Springs window hosts numerous occurrences of Carlin-type gold mineralization in both upper- and lower-plate rocks with grab assays up to 3 oz/ton Au (100 g/t Au). Structurally, the window sits at the projected intersection of the Northern Nevada Rift Central, the westward projection of the Caetano Trough, and the southernmost projection of the Getchell Trend.
Gravity and magnetic surveys have been executed over most of the property. Several interesting geophysical features resulted from this work and CSAMT surveys are recommended prior to drilling. Previous drilling in the immediate vicinity of the Gold Knob showing intersected erratic gold values with the best being 17 m of 0.583 g/t gold in lower-plate marble and 12 m at 0.725 g/t gold just under the Roberts Mountains Thrust in hole BV-3.
The Company entered into an agreement to purchase a 100% interest in the Gold Knob claims by paying US$100,000 and the issuance of 200,000 common shares of the Company subject to the approval of the TSX Venture Exchange. There is a 3% net smelter return reserved to the vendor, of which up to 2% can be purchased by the Company for US$1,000,000 per percentage point.
The scientific and technical disclosure in this news release has been approved by Gordon P. Leask, P.Eng., President and CEO of the Company, and a Qualified Person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
For additional information:
Gordon P. Leask, P.Eng. or John M. Leask, P.Eng.
Tel: 604.681.4462
Email: gord@highway50gold.com or jml@highway50gold.com
About Highway 50 Gold Corp.
Highway 50 Gold Corp. is a mineral exploration stage company led by a team of experienced explorers and deal-makers. The Company is executing an exploration plan refined over 25 years of experience in Nevada and the Aldridge Formation of southeastern B.C. The exploration focus on its projects are a result of what management believes to be breakthroughs in the understanding of north-central Nevada’s crustal architecture and new geological understanding on the Monroe property in B.C.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note This news release contains certain forward-looking statements, including statements regarding the Company’s proposed plans for the acquisition of the Gold Knob property; and the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the Company may not obtain satisfactory results from its drilling program and exploration activities, inability to obtain regulatory approvals, changes in metal prices, changes in the availability of funding, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ martially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf, unless required by applicable law.