VANCOUVER, BRITISH COLUMBIA August 08, 2022 –Torrent Gold Inc. (CSE: TGLD) (Frankfurt: RV0) (“Torrent” or the “Company”) is pleased to announce it has concluded a transaction (the “Transaction”), effective July 28, 2022, with K2 Resources, Inc. (“K2”), an arms-length private company, that consolidates ownership in three early-stage exploration properties known as Easter in Lincoln County, Nevada, Brik also located in Lincoln County, Nevada, and Viper in Elko County, Nevada.
Under the terms of the Transaction, Torrent exchanged its 49% minority interests in both Easter and Brik for K2’s 51% majority interest in Viper plus receipt of a one-time $CAD 350,000 cash payment to Torrent.
Torrent’s Chief Executive Officer Alexander Kunz stated, “The consolidation of these three properties increases our working capital without shareholder dilution, as we focus efforts on the acquisition of Jessup Gold-Silver Project in Nevada. We divested our 49% minority ownership interests in two early-stage exploration properties and acquired a 51% additional interest, for a total of 100% ownership, in the third early-stage exploration property. In the Great Basin, Torrent now holds a 100% ownership interests in 4 early-stage exploration projects. In addition, Torrent holds a 100% interest in the Clover Mountain project in Idaho.”
Kunz continued, “This Transaction underscores management’s efforts to bring maximum value to Torrent shareholders.”
About Jessup Gold-Silver Project
Jessup is located on BLM land approximately 63 miles northeast of Reno, Nevada and consists of 163 claims. The Jessup area hosts a volcanic caldera complex with low sulfidation, epithermal gold-silver deposits within widespread silicification controlled by faulting along the caldera margins. A blanket of pervasive oxidation exists throughout the project area. Zones of deep structural oxidation have been interpreted throughout the area as well. Previous historical work includes a 2018 Resource Development Associates pit-constrained, heap leach model measured and indicated mineral resource estimate of 17,041,500 tonnes containing 275,000 ounces (“oz”) gold (“Au”) at 0.501 grams per tonne (“gpt”) and 3,934,000 oz silver (“Ag”) at 7.2 gpt. The inferred resource contains 1,709,100 tonnes with 25,000 oz Au at 0.455 gpt and 195,000 oz Ag at 3.5 gpt. An updated oxide model has increased the confidence in the 2018 resource estimate as compared to previous historic mineral estimates for Jessup. Drilling by previous operators include 349 drill holes with numerous high-grade intercepts exceeding 5 gpt Au. In addition, as determined from test work conducted by a previous operator, 91% of the resource is oxide with heap leach recoveries for gold between 75% to 89% and for silver between 14% to 40%.
As noted previously, the Company is not treating the Jessup resource estimates as current and has not completed sufficient work to classify these historical estimates as current mineral resources. While the Company is not treating these historical estimates as current, it does believe them to be indicative and the information may be of assistance to readers.
Completion of the acquisition of Jessup remains subject to a number of conditions, including completion of necessary financing, receipt of required regulatory and third-party consents, approval of the Canadian Securities Exchange, and the satisfaction of other customary closing conditions. For further information, readers are encouraged to review the Company’s news release of July 6, 2022.
Glen Peter Parsley, P. Geo., is a qualified person for the purposes of National Instrument 43-101 and has reviewed and approved the technical content in this news release.
About Torrent Gold Inc.
Torrent Gold is a mineral exploration company founded with the express purpose of acquiring and exploring mineral properties during the current resource commodity cycle. Torrent is working to close the acquisition of the Jessup gold-silver project in Nevada and is exploring its grassroots Clover Mountain gold property in Idaho. The Company now holds four early-stage gold exploration projects (3 in Nevada and 1 in Utah) acquired from Liberty Gold. The Company has a Boise, Idaho based and experienced technical team that is conducting exploration in Idaho, Nevada, and Utah.
ON BEHALF OF THE BOARD OF DIRECTORS
President and Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
President, Chief Executive Officer and Director
Torrent Gold Inc.
1307 S. Colorado Ave.
Boise, Idaho 83706
Torrent Gold Inc.
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
This news release may contain “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Torrent disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.