{"id":457454,"date":"2021-03-15T08:04:08","date_gmt":"2021-03-15T12:04:08","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=457454"},"modified":"2021-03-15T08:04:08","modified_gmt":"2021-03-15T12:04:08","slug":"sierra-enters-into-definitive-agreement-with-primus-resources-on-three-nevada-properties","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sierra-enters-into-definitive-agreement-with-primus-resources-on-three-nevada-properties\/","title":{"rendered":"Sierra Enters Into Definitive Agreement with Primus Resources on Three Nevada Properties"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n SURREY, BC<\/span>, March 15, 2021<\/span> \/PRNewswire\/ –\u00a0Sierra Growth Corp. <\/b>(the “Company<\/b>” or “Sierra<\/b>“) (CSE: SGRO)\u00a0(OTC: SIERF) (FSE: F9IQ) has entered into a definitive agreement with Primus Resources (“Primus<\/b>“), a Nevada<\/span>-based privately held company, whereby Sierra has secured the rights to earn an 100% interest in 3 epithermal gold-silver projects in the State, one of which also has porphyry and\/or skarn copper-silver-molybdenum potential (collectively the “Projects<\/b>“). The completion of this agreement with Primus secures a position for Sierra\u00a0within\u00a0active\u00a0exploration centers in Nevada<\/span>, a Tier 1 mining jurisdiction.<\/p>\n

\n
\n About the Primus Properties<\/u>
\n <\/b>\n <\/p>\n

\n Glita\/Sat<\/u>
\n
The Glitra\/Sat claims are located in Pershing County<\/span>, western Nevada<\/span>, in the Seven Troughs Range of the Farrell Mining District, which hosts numerous historical and modern\u2013day mineral occurrences and deposits (Figure 1). The properties are 45 kilometers northwest of Lovelock<\/span>, a fully serviced town on Interstate 80, and are accessible via paved and well\u2013maintained gravel and dirt roads. Both the Glitra and Sat property have seen historical small\u2013scale mining and modern\u2013day exploration, most recently in the 1980’s and early 1990’s, when trenching and limited shallow RC drilling was undertaken. A\u00a0number of known\u00a0gold\u00a0showings\u00a0with attractive epithermal-style alteration and veining occur on the property. They are commonly associated with felsic dikes and lie along a mineralized trend that links the historical Seven Troughs mining area immediately south (Timberline Resources), with the Wildcat property (Waterton Global Resource Management) immediately north. At Sat, an extensive and high-tenor gold-in-soil geochemical anomaly lies along a sub-parallel trend. It was outlined by previous operators and is similarly associated with epithermal-style alteration and local veining. The total area encompassed by the Glitra and Sat properties equals roughly 1130 acres. <\/p>\n

\n B&C Springs\/Mildred
<\/u>The B&C Springs property and the nearby Mildred claims and historic Mildred mine are located in the southern Paradise Range in west-central Nevada<\/span> within the Fairplay Mining District, which is readily accessible from nearby Hawthorne<\/span> or Tonopah<\/span> via highways and well-maintained gravel roads and off-road trails (Figure 1). Exploration at B&C Springs was previously focused on skarn and vein occurrences hosting molybdenum, copper, and silver, which were interpreted to be genetically associated with Triassic-Jurassic intrusions such as the nearby Buzzard Peak stock. B&C Springs hosts a historical but non-43-101 compliant molybdenum-copper resource of approximately 100 million tons at a grade of 0.048% molybdenum and 0.07% copper that lies at depth (Tribe 2007). Historical workings are ubiquitous across the property, and on the contiguous Mildred property, precious metals mineralization within the host sedimentary rocks is associated with calc-silicate horizons, fault zones and dikes of probable Tertiary age, and the possibility that a secondary epithermal event has overprinted an earlier porphyry\/skarn mineralizing event will be evaluated. The area encompassed by the B&C Springs-Mildred properties total approximately 1450 acres.<\/p>\n

\n Betty East
<\/u>The Betty East property is located in west-central Nevada<\/span>, approximately 40 miles north of the town of Tonopah<\/span>, in Nye County<\/span>. The claims, which cover 403 acres, lie at the southern end of the Manhattan Mining District, immediately north of Liberty Gold’s<\/span> Baxter Springs project and less than 20km south of the world class Round Mountain<\/span> mine (2020 gold equivalent production of 324,277 ounces, proven and probable reserves as of December 31, 2020<\/span> of 2.245M<\/span> oz Au, and >15 million ounces of total production1<\/sup>). Work on the Betty East property by Nevada Goldfields in the 1990’s outlined a north-northwest trending gold-mineralized zone on the core claims that coincides with a number of historical pits, shallow shafts, and adits\u2014this trend will be the initial focus for the Betty East exploration program. The property is readily accessible from Tonopah<\/span> via state highway 376 and a network of well-maintained gravel roads.<\/p>\n

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\n
\n \"Figure
\n <\/a>\n <\/p>\n<\/p><\/div>\n

\n\n\n\n
\n \n <\/td>\n<\/tr>\n
\n

\n
\n 1.<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n https:\/\/kinrossworld.kinross.com\/en\/location\/round-mountain\/<\/a>\u00a0(Mineralization hosted on adjacent and\/or nearby properties is not necessarily representative of mineralization hosted on the Company’s properties.) <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n
\n Summary of Terms<\/u> (US dollars)
<\/b>Under the terms of the agreement Sierra will make the following cash and share payments and work commitments to Primus.<\/p>\n

\n Glitra\/Sat<\/u>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Term<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Cash Payments<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Work Commitments<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Share Payments<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n At closing<\/span>\n <\/p>\n<\/td>\n

\n

\n $40,000 (paid)<\/span>\n <\/p>\n<\/td>\n

\n

\n n\/a<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 1st<\/sup> Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $40,000<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n 2nd <\/sup>Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $50,000<\/span>\n <\/p>\n<\/td>\n

\n

\n $75,000<\/span>\n <\/p>\n<\/td>\n

\n

\n 100,000 shares<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 3rd<\/sup> Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $50,000<\/span>\n <\/p>\n<\/td>\n

\n

\n $150,000<\/span>\n <\/p>\n<\/td>\n

\n

\n 100,000 shares<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 4th<\/sup> Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $50,000<\/span>\n <\/p>\n<\/td>\n

\n

\n $225,000<\/span>\n <\/p>\n<\/td>\n

\n

\n 100,000 shares<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 5th<\/sup> Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $50,000<\/span>\n <\/p>\n<\/td>\n

\n

\n $350,000<\/span>\n <\/p>\n<\/td>\n

\n

\n 100,000 shares<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 6th<\/sup> Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $395,000<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Totals<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $675,000<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $800,000<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 400,000 shares<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n B&C Springs\/Mildred<\/u>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Term<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Cash Payments<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Work Commitments<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Share Payments<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n At closing<\/span>\n <\/p>\n<\/td>\n

\n

\n $15,000 (paid)<\/span>\n <\/p>\n<\/td>\n

\n

\n n\/a<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 1st<\/sup> Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $20,000<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n 2nd <\/sup>Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $30,000<\/span>\n <\/p>\n<\/td>\n

\n

\n $75,000<\/span>\n <\/p>\n<\/td>\n

\n

\n 100,000 shares<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 3rd<\/sup> Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $40,000<\/span>\n <\/p>\n<\/td>\n

\n

\n $150,000<\/span>\n <\/p>\n<\/td>\n

\n

\n 100,000 shares<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 4th<\/sup> Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $50,000<\/span>\n <\/p>\n<\/td>\n

\n

\n $225,000<\/span>\n <\/p>\n<\/td>\n

\n

\n 100,000 shares<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 5th<\/sup> Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $50,000<\/span>\n <\/p>\n<\/td>\n

\n

\n $350,000<\/span>\n <\/p>\n<\/td>\n

\n

\n 100,000 shares<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 6th<\/sup> Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $295,000<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Totals<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $500,000<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $800,000<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 400,000 shares<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Betty East<\/u>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Term<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Cash Payments<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Work Commitments<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Share Payments<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n At closing<\/span>\n <\/p>\n<\/td>\n

\n

\n $20,000 (paid)<\/span>\n <\/p>\n<\/td>\n

\n

\n n\/a<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n<\/tr>\n
\n

\n 1st<\/sup> Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $25,000<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n 2nd <\/sup>Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $30,000<\/span>\n <\/p>\n<\/td>\n

\n

\n $75,000<\/span>\n <\/p>\n<\/td>\n

\n

\n 100,000 shares<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 3rd<\/sup> Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $50,000<\/span>\n <\/p>\n<\/td>\n

\n

\n $150,000<\/span>\n <\/p>\n<\/td>\n

\n

\n 100,000 shares<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 4th<\/sup> Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $50,000<\/span>\n <\/p>\n<\/td>\n

\n

\n $225,000<\/span>\n <\/p>\n<\/td>\n

\n

\n 100,000 shares<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 5th<\/sup> Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $50,000<\/span>\n <\/p>\n<\/td>\n

\n

\n $300,000<\/span>\n <\/p>\n<\/td>\n

\n

\n 100,000 shares<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 6th<\/sup> Anniversary<\/span>\n <\/p>\n<\/td>\n

\n

\n $275,000<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Totals<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $500,000<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $750,000<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 400,000 shares<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n NSR<\/u>\n <\/p>\n

Under the terms of the agreement, Primus\u00a0will receive a 2.0%\u00a0Net\u00a0Smelter\u00a0Return\u00a0(“NSR<\/b>“)\u00a0with buydown\u00a0provisions\u00a0as\u00a0follows:<\/p>\n