The analytical results of several of the rock samples show strong enrichment in cobalt, nickel and copper, and other metals, as shown in the highlights below: Two site visits were made to the Lovelock Mine in November and December 2017 where representative grab rock samples of historical mine waste were collected, and various bedrock samples from areas of other nearby historical adits. On January 18, 2018, Nevada Sunrise announced the results of a geochemical rock sampling program and a reconnaissance geophysical survey carried out by the Company at the Lovelock Mine. On April 3, 2020, the above agreement was replaced by a new purchase agreement between the Company, GEMC and the vendor of the Lovelock Cobalt Mine. On or before the 10th anniversary of the execution of the agreement, the Company had the right to purchase 50% of the NSR for US$1,500,000. The Company had the right to accelerate the timing of cash payments to the vendor at its discretion. ![]() December 22, 2020: $30,000 (paid by GEMC) and 300,000 common shares (equivalent shares issued by GEMC with GEMC shares as per the ApAmended Agreement below).December 22, 2019: US$25,000 (GEMC paid US$5,000 to extend the due date by 90 days) and 250,000 common shares (issued at a fair value of $11,250 and repaid to the Company by way of GEMC shares).March 22, 2019: US$20,000 (paid by GEMC) and 200,000 common shares (issued at a fair value of $19,000 and repaid to the Company by way of GEMC shares).To earn the 100% interest in the initial option agreement, the Company was required to pay cash payments and common share payments to the vendor payable over three years from the date of signing of the definitive agreement, subject to a 2% net smelter returns royalty (“NSR”) as follows: The transaction completed in 2020 and currently the Company holds a 15% interest in both the Lovelock Mine and the Treasure Box properties. (TSXV: GEMC) (“GEMC”) whereby GEMC had the right to purchase up to an 85% interest in the Lovelock Mine, and the nearby Treasure Box Copper Project (the “Treasure Box”). In 2019, the Company signed an agreement with Global Energy Metals Corp. On December 22, 2017, the Company signed a definitive option agreement to acquire a 100% interest in the Lovelock Mine Cobalt Project (the “Lovelock Mine”) located in Churchill County, Nevada. No further production from the Lovelock Mine is known for well over a century. After intermittent production, an English company attempted smelting on site in 1898 but little or no production was made (Source: “Mineral Resources of the United States for 1885”, 1886). The mine operated from 1883 to 1890 to the 100-foot level, reporting 500 tons of cobalt and nickel mineralized material shipped to England for processing. Records of a geochemical analysis from that era indicate that the average composition of the cobaltite contained 17.30% cobalt and 13.62% nickel. The primary cobalt mineral was identified as “cobaltite”, a compound of cobalt, nickel and arsenic. Government annual reports, the Lovelock Mine saw limited production of nickel, copper and cobalt beginning in 1883. George Lovelock and Charles Bell discovered the Lovelock project, about 1880. ![]() The Lovelock Mine property area consists of 70 unpatented claims in the Cottonwood Canyon area of the Stillwater Range totaling approximately 1,400 acres (567 hectares). The Lovelock Cobalt Mine (the “Lovelock Mine”) is located approximately 100 miles (150 kilometres) east of Reno, Nevada.
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