Garfield Copper-Gold Project, Nevada (Royalty Interest)

Status Sold to Power Metal Resources Ltd (AIM:POW) for cash, shares and Royalty Interest Retained.
Target Copper-gold skarn & porphyry copper deposit.

 

The Garfield project was sold to Power Metal Resources Ltd in June 2021, together with the Stonewall Project, for:

  • Initial payment £20,000.
  • Further payment of 2.25 million shares in POW.
  • Royalty payments on production equal to 2% of the Net Smelter Return, subject to POW’s right to buy up to half of the royalty entitlement (1%) for US$1million for each project royalty.
  • Terms of agreement, including royalty, extend to a 1 mile area of influence from the project claim boundary.

In addition, 2.25 million warrants will be issued to Sunrise, each warrant entitling the holder to subscribe for one new Ordinary Share in Power Metal Resources at a price of 3.75 pence per share.