weather icon Clear

Company moves on Tonopah Mining District

Pershing Resources Company, Inc., a Reno-based exploration company, acquired a 100 percent mineral rights interest in the Divide Gold and Silver Project within the Tonopah Mining District of Central Nevada, according to the press release.

The Divide Project is 7 miles south of Tonopah, and 16 miles north of Goldfield, within the Walker Lane Mineral Trend. According to data compiled by the Nevada Bureau of Mines and Geology, past production from Tonopah and Goldfield combined is reported to be greater than 7 million ounces of gold and 200 million ounces of silver.

It is also part of the more than 50 million ounces of gold and 437 million ounces of silver previously mined from the Walker Lane Trend, according to the press release. The Divide Project includes at least three historically documented gold and silver mineral occurrences and is located approximately 2.5 miles northeast of Pershing Resources’ Klondyke Project, the release said.

On Nov. 21, 2019, the company entered into a 20-year term lease/purchase option agreement on unpatented claims that covers approximately 25 square miles within the Divide Mining District with Mountain Gold Claims LLC, (MGC) and Blackrock Exploration, LLC, (BRE), as 50/50 partners to the agreement.

Under the Divide Agreement, the company has made an advanced royalty payment of two million restricted common shares and a lease payment of $5,000 and, is required to make annual advanced royalty payments and work commitment expenditures. Annual advanced royalty lease payments will escalate to $10,000 for the second year, and $15,000 in the third year, and will continue to escalate to a cap of $100,000 after the fifteenth year, according to the press release.

Annual work commitment expenditures will begin at $5,000 in the first year of the Divide Agreement and are capped at $50,000 by the third year. MGC &BRE will retain the right to a quarterly production royalty payment equal to 3 percent of the Net Smelters Return Royalty on the Divide Project so long as the Divide Agreement remains in effect, according to the press release.

The company has the right to purchase the first 1 percent of the NSR Royalties for $1,000,000 by or before the fifth anniversary on Nov. 21, 2024 and, the company has the right to purchase a second 1 percent of the NSR Royalties for $2,000,000 by or before the tenth anniversary on Nov. 21, 2029.

The company can terminate the MGC Agreement upon giving written notice of termination to MGC &BRE at least 30 days prior to each anniversary date of the agreement, according to the press release.

Pershing Resources is a precious and base metals exploration company with a growing portfolio of exploration projects in Arizona and Nevada. According to the press release, the company is focused on the exploration and development of its 100 percent owned New Enterprise and Mohave-Standard properties, collectively referred to as the New Enterprise project.

Vehicle in garage destroyed by fire

No serious injuries were reported after fire gutted a vehicle inside the garage of a home along the 2400 block of Zuni Avenue on Wednesday, April 10.

Need a good laugh? Join in a night of hilarious scholarship fundraising

Promising a “laugh-your-ass-off” night of hilarity and musical diversion, Sanders Family Winery is all set to host the Kiwanis Club of the Pahrump Valley Scholarship Fundraiser and its sure to be an amusing time for all involved.

$6.2M allocated to 10 projects

Nye County has earmarked about $6.2 million of its $12 million in Local Assistance and Tribal Consistency Fund (LATCF) grant dollars for a total of 10 projects throughout the county.

GALLERY: Winners of the Pins & Needles Quilt Show

The Bob Ruud Community Center was transformed into a world of color and design during the 19th Annual Pins and Needles Quilt Show, a yearly event that offers a stage to fabric artists of all kinds while giving the community to chance to admire their array of masterpieces.

Nye County loans itself $5.78 million to shore up reserves

In an effort to shore up the financial reserves used to cover cash flow issues in the county general fund, Nye County is loaning itself $5.78 million.

Former Pahrump town manager dies

Bill Kohbarger suffered a brain aneurysm last week, according to his wife Lisa.

NyECC hosting weekly game nights — here’s how to join

Without positive social outlets, teens and young adults can easily find their way to troublesome avenues of expression, a reality that NyE Communities Coalition staffer Dale Willis knows from experience. That’s why, with the help of grant funding and a lot of personal passion, Willis has brought a brand new recreation option to the town – Tabletop Game Nights.

Butterfly Release to honor lost loved ones

A swirl of swallowtails will take to the sky this coming Sunday during the always moving Pahrump Butterfly Release, an annual event sponsored by Nathan Adelson Hospice.

Westfield Jewelers hosts Grand Re-Opening celebration

When it comes to local success stories, Josh Westerman and Darbie O’Donnell-Westerman are two prime examples of the entrepreneurial spirit.

Sun shines on Easter at Simkins

Though the previous day was a very rainy one indeed, Easter at Simkins Park was blessed with practically picture-perfect weather on Sunday, setting the stage for a day of celebration with friends and family.