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Sierra Grande Minerals Inc.
Sierra Grande Minerals Inc.
Registriert in: Kanada WKN: A3DWEK Rohstoffe:
Art: Originalaktie ISIN: CA82631L2075 Gold
Silber
Kupfer
Blei
Zink
Heimatbörse: CSE Alternativ: SIERF
Währung: CAD    
Symbol: SGRO.CSE Forum:

Sierra Growth Corp. Enters Into Definitive Agreement with Primus Resources on Three Nevada Properties

15.03.2021 | 13:00 Uhr | CNW
SURREY, March 15, 2021 - Sierra Growth Corp. (the "Company" or "Sierra") (CSE: SGRO) (OTC: SIERF) (FSE: F9IQ) has entered into a definitive agreement with Primus Resources ("Primus"), a Nevada-based privately held company, whereby Sierra has secured the rights to earn an 100% interest in 3 epithermal gold-silver projects in the State, one of which also has porphyry and/or skarn copper-silver-molybdenum potential (collectively the "Projects"). The completion of this agreement with Primus secures a position for Sierra within active exploration centers in Nevada, a Tier 1 mining jurisdiction.

About the Primus Properties

Glita/Sat
The Glitra/Sat claims are located in Pershing County, western Nevada, in the Seven Troughs Range of the Farrell Mining District, which hosts numerous historical and modern-day mineral occurrences and deposits (Figure 1). The properties are 45 kilometers northwest of Lovelock, a fully serviced town on Interstate 80, and are accessible via paved and well-maintained gravel and dirt roads. Both the Glitra and Sat property have seen historical small-scale mining and modern-day exploration, most recently in the 1980's and early 1990's, when trenching and limited shallow RC drilling was undertaken. A number of known gold showings with attractive epithermal-style alteration and veining occur on the property. They are commonly associated with felsic dikes and lie along a mineralized trend that links the historical Seven Troughs mining area immediately south (Timberline Resources), with the Wildcat property (Waterton Global Resource Management) immediately north. At Sat, an extensive and high-tenor gold-in-soil geochemical anomaly lies along a sub-parallel trend. It was outlined by previous operators and is similarly associated with epithermal-style alteration and local veining. The total area encompassed by the Glitra and Sat properties equals roughly 1130 acres.

B&C Springs/Mildred
The B&C Springs property and the nearby Mildred claims and historic Mildred mine are located in the southern Paradise Range in west-central Nevada within the Fairplay Mining District, which is readily accessible from nearby Hawthorne or Tonopah via highways and well-maintained gravel roads and off-road trails (Figure 1). Exploration at B&C Springs was previously focused on skarn and vein occurrences hosting molybdenum, copper, and silver, which were interpreted to be genetically associated with Triassic-Jurassic intrusions such as the nearby Buzzard Peak stock. B&C Springs hosts a historical but non-43-101 compliant molybdenum-copper resource of approximately 100 million tons at a grade of 0.048% molybdenum and 0.07% copper that lies at depth (Tribe 2007). Historical workings are ubiquitous across the property, and on the contiguous Mildred property, precious metals mineralization within the host sedimentary rocks is associated with calc-silicate horizons, fault zones and dikes of probable Tertiary age, and the possibility that a secondary epithermal event has overprinted an earlier porphyry/skarn mineralizing event will be evaluated. The area encompassed by the B&C Springs-Mildred properties total approximately 1450 acres.

Betty East
The Betty East property is located in west-central Nevada, approximately 40 miles north of the town of Tonopah, in Nye County. The claims, which cover 403 acres, lie at the southern end of the Manhattan Mining District, immediately north of Liberty Gold's Baxter Springs project and less than 20km south of the world class Round Mountain mine (2020 gold equivalent production of 324,277 ounces, proven and probable reserves as of December 31, 2020 of 2.245M oz Au, and >15 million ounces of total production1). Work on the Betty East property by Nevada Goldfields in the 1990's outlined a north-northwest trending gold-mineralized zone on the core claims that coincides with a number of historical pits, shallow shafts, and adits-this trend will be the initial focus for the Betty East exploration program. The property is readily accessible from Tonopah via state highway 376 and a network of well-maintained gravel roads.


1.

https://kinrossworld.kinross.com/en/location/round-mountain/ (Mineralization hosted on adjacent and/or nearby properties is not necessarily representative of mineralization hosted on the Company's properties.)

Summary of Terms (US dollars)
Under the terms of the agreement Sierra will make the following cash and share payments and work commitments to Primus.

Glitra/Sat

Term

Cash Payments

Work Commitments

Share Payments

At closing

$40,000 (paid)

n/a


1st Anniversary

$40,000



2nd Anniversary

$50,000

$75,000

100,000 shares

3rd Anniversary

$50,000

$150,000

100,000 shares

4th Anniversary

$50,000

$225,000

100,000 shares

5th Anniversary

$50,000

$350,000

100,000 shares

6th Anniversary

$395,000



Totals

$675,000

$800,000

400,000 shares

B&C Springs/Mildred

Term

Cash Payments

Work Commitments

Share Payments

At closing

$15,000 (paid)

n/a


1st Anniversary

$20,000



2nd Anniversary

$30,000

$75,000

100,000 shares

3rd Anniversary

$40,000

$150,000

100,000 shares

4th Anniversary

$50,000

$225,000

100,000 shares

5th Anniversary

$50,000

$350,000

100,000 shares

6th Anniversary

$295,000



Totals

$500,000

$800,000

400,000 shares

Betty East

Term

Cash Payments

Work Commitments

Share Payments

At closing

$20,000 (paid)

n/a


1st Anniversary

$25,000



2nd Anniversary

$30,000

$75,000

100,000 shares

3rd Anniversary

$50,000

$150,000

100,000 shares

4th Anniversary

$50,000

$225,000

100,000 shares

5th Anniversary

$50,000

$300,000

100,000 shares

6th Anniversary

$275,000



Totals

$500,000

$750,000

400,000 shares

NSR

Under the terms of the agreement, Primus will receive a 2.0% Net Smelter Return ("NSR") with buydown provisions as follows:

  • Betty East; one-half of the NSR representing 1% purchasable for $1.5 million
  • Mildred/B&C Springs; one-half of the NSR representing 1% purchasable for $2 million
  • Glitra/Sat; one-half of the NSR representing 1% purchasable for $2 million

Next Steps
Starting in April 2021, Sierra plans to commence Phase I of its proposed systematic work program on the properties, likely beginning at the Glitra/Sat project. The initial exploration work will begin with geological mapping, prospecting, and soil geochemistry (initially using a portable XRF), and will be succeeded by an airborne magnetic survey and ground geophysics (Induced Polarization). The objective of the work will be to delineate drill targets, with a plan to do follow-up with first-pass RC drilling as soon as permits have been received.

Upon Completion of Phase I exploration at Glitra/Sat, the geological team will proceed to the B&C Springs or Betty East properties to begin exploration of a similar fashion.

Technical data pertaining to this new release was reviewed and approved by Charles J. "Charlie" Greig, MSc., P.Geo., a qualified person under National Instrument 43-101.

ON BEHALF OF THE BOARD

"Sonny Janda"

___________________
Sonny Janda, Director

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of certain agreements and development. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include Covid-19 restrictions, market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward- looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation."

SOURCE Sierra Growth Corp.



Contact
For further information on the Company, please contact Sonny Janda, Director, Telephone: 604-357-3741 or at sonny.janda@sierragrowth.com

 
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