Silver Dollar Resources has exercised its option to acquire an initial 75% interest in the Government Gulch portion of the Ranger-Page project in Shoshone County, Idaho, US.
This is the first option under the terms of the Government Gulch Option and Joint Venture Agreement.
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In July 2024, Silver Dollar, through its subsidiary, entered into an asset purchase agreement with Silver Valley Metals and its subsidiary North Idaho Metals to acquire the rights, title and interest in the assets of the Ranger-Page project.
The project encompasses the option rights under the Government Gulch Option and Joint Venture Agreement, as well as the Page Mine Mineral Rights Lease and Option Agreement. The acquisition of the Ranger-Page project was completed in August 2024.
Under the Government Gulch Option and Joint Venture Agreement, Silver Dollar paid the optionor $250,000 and incurred more than $1.21m in exploration expenditures on the property.
The company retains the option to acquire the remaining 25% interest in the Government Gulch property (second option) through negotiations, or by paying $2.25m, $1m plus $1.25m in shares, or $2.25m in shares, depending on the outcome of the negotiations.
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By GlobalDataShould Silver Dollar not exercise the second option by 31 December 2025, a joint venture will be established among the parties, with Silver Dollar serving as the operator.
The agreement includes dilution provisions to protect each party’s interests. Silver Dollar also has the right to purchase half of a 2% net smelter returns (NSR) royalty for $1m.
Upon exercising its option, Silver Dollar will grant Silver Valley Metals a 0.5% NSR royalty from the Government Gulch property.
The Ranger-Page land package is located in the Coeur d’Alene silver district, covering six historic mines, with access to essential infrastructure and skilled workforce.
The primary target areas include historic mining extensions, ground induced polarisation survey anomalies and surface trenching identified mineralisation.
Additional exploration targets have been identified using soil geochemical data, mapping and ground induced polarisation survey data.
