News Releases

Minaurum Gold Inc. (“Minaurum” or “the Company”) (TSXV: MGG) (OTCQX:MMRGF) is pleased to announce that, further to its news release dated October 2, 2024, it has provided the required notice to Nevada Zinc Corp. (“Nevada Zinc”) to exercise its option (the “Option”) to acquire a 100% registered and beneficial interest in the Lone Mountain carbonate replacement deposit (“CRD”) project (the “Acquisition”) located on the Battle Mountain-Eureka Trend in Nevada, USA (“Lone Mountain” or the “Project”).  The Company is acquiring the Project pursuant to an option agreement between the Company and Nevada Zinc dated July 24, 2024, as amended on October 22, 2024 and December 24, 2024.

Nevada Zinc completed a Preliminary Economic Assessment of the viability of potentially mining the zinc mineralization at the Project in June 2019 (NI 43-101 Preliminary Economic Assessment and Technical Report, Peimen Ling & Associates Limited, June 27, 2019 or see Nevada Zinc news release dated June 27, 2019 (the “PEA”).  

In accordance with the disclosure in the PEA, the Project is a brownfields project with a historic inferred mineral resource estimate of 3,257,000 tonnes grading 7.57% zinc and 0.70% lead.  Select drilling highlights include 118.87 m of 9.58% Zn and 0.74% Pb (hole LM-15- 27); and 24.7 m grading 23.06% Zn (hole NLM-17-08).  The PEA also demonstrated a 35% after tax internal rate of return ("IRR").  See below for further details on the Mineral Resource Estimate Report and the PEA.

“Lone Mountain looks a lot like neighbouring historical silver-lead-zinc CRDs, such as Eureka next door or Cortez up the road, both of which have been found to have a significant Carlin Gold overprint,” said Dr. Peter Megaw, Co-founder and Exploration Advisor to Minaurum.  “Historical drilling was tightly focused on near-surface high-grade zinc oxides and did not seek that kind of gold mineralization or the polymetallic CRD sulphide potential that should lie beneath.”

“We are pleased to acquire Lone Mountain, an advanced project with robust economics that we believe could host significant silver and gold mineralization at depth” stated Darrell Rader, President & CEO of Minaurum.  “As we advance our flagship Alamos silver project toward a maiden resource in 2025, we’re strategically positioning Lone Mountain as the next catalyst for value creation in Minaurum’s portfolio.”

Acquisition Terms
In consideration of the Acquisition, the Company will:

1. issue Nevada Zinc a number of common shares of the Company (the “Payment Shares”) having an aggregate value of $1,000,000 based on the 10-day volume weighted average trading price of the common shares on the TSX Venture Exchange (“TSXV”) for the 10 trading days immediately preceding the date of issuance; and
2. pay Nevada Zinc a cash fee in the amount of $100,000.

The completion of the Acquisition, including the issuance of the Payment Shares to Nevada Zinc, is subject to customary closing conditions, including, without limitation, approval of the TSXV.

The Payment Shares will be subject to: (a) a four-month and one day statutory hold period, in accordance with applicable securities laws; and (b) a contractual restriction on transfer pursuant to which Nevada Zinc may not sell more than 500,000 Payment Shares per week after the expiry of the statutory hold period.

Further information regarding Lone Mountain is disclosed in the Company’s news release dated October 2, 2024 with key highlights described below.

Lone Mountain CRD Project – Battle Mountain Eureka Trend, Nevada, USA
Lone Mountain is a high-grade CRD project comprised of a single patented mining claim and 203 unpatented mining claims that cover 1,850 hectares.  The Project lies 28 kms northwest of the historic Eureka Mining District, which anchors one end of the Battle Mountain-Eureka trend in Nevada, USA (Figure 1).  The region supports an active mining workforce with significant resources for mineral exploration, mine development, and mine operations.  Major mines in the region include Barrick Gold’s Goldstrike and Carlin mines, Nevada Gold Mines, Pine Valley mine, Cortez Hills mine, McEwen Mining’s Gold Bar mine and i80’s Ruby Hill project, amongst others.

Figure 1.  Location of Lone Mountain CRD Project.  Note position adjacent to Eureka Mining District on the Battle Mountain – Eureka trend.  Click image to enlarge.

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Minaurum Gold Inc. (MGG | TSX Venture Exchange; MMRGF | OTC; 78M Frankfurt) is an Americas-focused explorer concentrating on the high-grade 100% owned, production-permitted Alamos silver project in southern Sonora Mexico and the Lone Mountain CRD Project in Nevada.  Minaurum is managed by one of the strongest technical and finance teams and will continue its founders' legacy of creating shareholder value by acquiring and developing a pipeline of Tier-One precious-and base metal projects. 

ON BEHALF OF THE BOARD

“Darrell A. Rader”

Darrell A. Rader
President and CEO

For more information, please contact:
Sunny Pannu – Investor Relations and Corporate Development Manager
(778) 330 0994 or via email at pannu@minaurum.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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1570– 200 Burrard Street
Telephone 1 778 330-0994
Vancouver, BC V6C 3L6
info@minaurum.com

Cautionary Note Regarding Forward Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking information in this news release relating to the Company include, among other things, statements relating to the completion of the Acquisition, the receipt of TSXV approval for the completion of the Acquisition, and the issuance of the Payment Shares and the payment of the cash fee to Nevada Zinc in consideration of the Acquisition.

In making the forward-looking information in this release, Minaurum has applied certain factors and assumptions that are based on Minaurum’s current beliefs as well as assumptions made by and information currently available to Minaurum. including, without limitation, assumptions that the Company will proceed with completion of the Acquisition, that the Company will be able to issue the Payment Shares and make the cash payment as necessary to complete the Acquisition as anticipated and that the Company will receive TSXV approval for the completion of the Acquisition. Although Minaurum considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information, including but not limited to risks associated with the following: the Company may not complete the Acquisition, on the terms and conditions disclosed, or at all; the Company may not be able to make the share or cash payments necessary to complete the Acquisition; the Company may not receive TSXV approval for the Acquisition; changes in governmental regulations; compliance with applicable laws and regulations; reliance on key personnel; title matters; conflicts of interest; environmental laws and regulations and associated risks, including climate change legislation; land reclamation requirements; changes in government policies; volatility of the Company’s share price; infrastructure risks; fluctuations in demand for, and prices of metals; fluctuations in foreign currency exchange rates; unanticipated costs; and  going concern risk.

Readers are cautioned not to place undue reliance on forward-looking information.  Minaurum does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by law.