VANCOUVER, BC, Nov. 17, 2020 /CNW/ – Eclipse Gold Mining Corporation (“Eclipse” or the “Company“) (TSXV: EGLD) (USOTC: EGLPF) is pleased to announce that it, together with the Company’s wholly-owned subsidiary, Hercules Gold USA LLC (“Hercules“), has entered into a binding purchase and sale agreement (the “Purchase Agreement“) with CP Holdings Corporation, a wholly owned subsidiary of Headwater Gold Inc. (the “Sellers“) to acquire a 100% interest in 83 unpatented lode mining claims situated internal and adjacent to Eclipse’s Hercules Project (the “Mining Claims“) as well as a historical dataset of 88 drillholes, 628 rock samples, 1578 soil samples and other geological data (the “Dataset“).
Subject to TSX Venture approval, Eclipse will acquire an undivided 100% interest in the Mining Claims and Dataset by:
- Making a one-time payment of US$100,000
- Issuing 500,000 common shares of the Company to the Sellers
- Granting a net smelter royalty to the Seller that varies between 1.25% and 2.5% on the Mining Claims (the “NSR”)
Eclipse has reserved the right to buy 50% of the NSR, and a right of first refusal on the remainder.
About Eclipse Gold Mining
Eclipse Gold Mining is exploring the district-scale Hercules gold property within Nevada’s Walker Lane trend. The Hercules property is located only a one-hour drive from Reno and appears to have all the characteristics of a large, low-sulphidation epithermal gold system. The Company brings together a team with a track record of nine successful buyouts/exits totaling $4.6 billion.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael G. Allen
President, CEO and Director
TSXV: EGLD | OTC:EGLPF | Frankfurt:43J | ISIN: CA27888R1001 | WKN: A2PYV4
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Eclipse Gold Mining Corporation
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