In a news release, Ely Gold Royalties Inc. (ELY:TSX.V; ELYGF:OTCQX; I4U:FSE) announced it agreed to sell, through its subsidiary Nevada Select Royalty Inc., one lode mining claim on the Hercules gold property in Nevada's Walker Lane Trend to Northern Vertex Mining for $20,000. Ely Gold will retain its 2% net smelter returns royalty there.
"We are very pleased to add Northern Vertex to our list of experienced counter-parties exploring our Nevada asset portfolio. This transaction is a testament to our ability to make third-party property purchases due to our longstanding relationships throughout Nevada," Jerry Baughman, president of Nevada Select, said in the release.
Ely Gold previously bought this J&M claim for $20,000. Ely Gold will retain a 2% net smelter returns royalty on the claim.
"The J&M lode claim is located in an area of post mineral cover with the potential for a southwestern extension to the Hercules structural zone to exist beneath the cover as well as deeper mineralization associated with the downdip extension of the West Cliffs zone," the release described.
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