The New Boston property has been purchased by VR Resources Ltd. in order to expand its copper-gold exploration strategy in Mineral County.
The property was purchased by VR Resources Ltd. from Ely Gold & Minerals Inc.
The mining property is located in the Walker Lane structural belt approximately three miles east of Luning. New Boston is rich in copper sulfide, copper oxide, nd sheeted quartz veins.
The property was purchased as a 100 percent acquisition in an agreement dated Aug. 28. The initial payment was $10,000 and 50,000 shares in the capital of VR Resources Ltd.
VR Resources will pay 50,000 shares in capital of VR Resources to Ely Gold if VR Resources completes a diamond drill program on the New Boston property. If the drill program is not completed within 18 months of the closing, the New Boston property and any new exploration data will be returned to Ely Gold. A smelter returns royalty was granted.
The company will provide more information on geology and exploration after the exploration program commences later this year.