Nevada Canyon Gold Corp (OTCMKTS:NGLD) Stock Gains Momentum: Jumps 3%

Nevada Canyon Gold Corp (OTCMKTS:NGLD) has announced an Exploration Lease With an Option to Purchase Agreement for the Swales property, Elko county in Nevada. The property is 800 acres with 40 mining claims that aren’t patented.

Market Stats

On Tuesday, NGLD stock gained 3.10% to $1 with more than 550 shares, compared to its average volume of 1.3k shares. The stock has moved within a range of $1.0000 – 1.0000 after opening trading at $1.

Acquires the Swales Project

The Swales property is among the wealthiest mining districts worldwide. Moreover, it has the largest goldmine in the U.S. It is also in the Carlin Trend with eight active gold mines. While the mines have produced more than 100 million gold ounces, 21 million gold ounces remain.

The company will have the option of purchasing the whole property at $750,000. Nevada Canyon could choose to pay this amount in cash, equity, or both. Meanwhile, the agreement requires Nevada Canyon to pay $20,000 90 days after executing it. Furthermore, it will pay another $20,000 on the first and subsequent anniversaries of this date.

As per the agreement, the colony will lease the property for ten years. In addition, they could use it for two more terms. One term goes for ten years.

Since the Swales Property is underexplored, Nevada Canyon could make several discoveries.