Junior explorer Société d'Exploration Minière Vior Inc., or Vior, said March 2 that it agreed to acquire the early-stage Tonya gold project in Nevada from Gold Range Company LLC.
Under the terms, Vior's Vior Gold USA LLC unit will acquire from Gold Range the exclusive rights to explore and develop the property for advance royalty payments, with US$10,000 already paid on the execution of the lease in August 2017.
According to the schedule, Vior will need to pay US$10,000 each on the first and second years, US$15,000 each on the third and fourth years, and US$25,000 on the fifth year and on every year thereafter, increasing by US$10,000 per year until the start of commercial production, at which point the royalty will terminate.
Gold Range will also retain a 3% net smelter royalty, and Vior will be given the right to purchase up to 2 percentage points for US$1 million each.
The project comprises 71 claims for 501 hectares, and work completed to date includes some sampling, a soil survey and limited rotary drilling.
Vior plans to evaluate previous data and conduct mapping and sampling, with a view to identify the best drill targets for an initial drill program. The exploration program is expected to begin in early spring 2018.
