14th May 2025 16:05
(Alliance News) - Metals One PLC on Wednesday said it has signed an exclusive term sheet for the acquisition of an exploration lease over the Swales Gold Property in Nevada, US.
The London-based metal project developer said the agreement includes an option to purchase Swales.
The firm noted that the acquisition would mark its entry into the gold exploration sector.
Metals One said the agreement comprises 40 unpatented mining claims across 800 acres within the Carlin trend, with minimal modern exploration.
It has identified a further 99 mining claims which can be staked and added to the lease with no additional lease payment.
Metals One will pay USD100,000 in cash on completion of the conditional acquisition, with a further 2% net smelter royalty over Swales.
It has an option to purchase Swales from the owner for USD750,000 until 2031, with an option to extend the option for two additional terms of 10 years each.
Metals One added that the deal aligns with its strategy to diversify its asset portfolio by entering the US gold sector, supported by record high prices.
"Through Metals One's networks, we have been able to potentially secure a low-cost entry into one of the world's most prolific gold mining districts," Chair Craig Moulton said.
"Held by private interests for most of its history, the Swales Gold Property remains very underexplored with minimal modern-day exploration. Several factors demonstrate the exceptional potential of this relatively unexplored project for new discoveries of significant mineralisation. Considering the analogous geology of Swales to nearby mines, the exploration opportunity combined with record high gold prices is incredibly exciting."
Shares in Metals One were up 9.2% to 40.11 pence in London on Wednesday afternoon.
By Michael Hennessey, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Metals One