Walker River boosts interest in Sleeper-Lapon to 100%

Mar 27, 2014

WALKER INCREASES INTEREST IN SLEEPER LAPON CANYON

Walker River Resources Corp. has increased its interest in the Sleeper-Lapon Canyon lease and property to 100 per cent, effectively removing District Gold Inc. and World Ventures Inc. as parties to the agreement.

The Sleeper-Lapon Canyon gold project consists of 36 claims (720 acres/292 hectares), situated about 60 kilometres south of Yerington, Nev., in the Wasuk Range, easily accessible by secondary roads from the main highway (25 kilometres). A power transmission line passes within three kilometres of the property. The Sleeper-Lapon Canyon project is located within the Walker Lane shear zone, a 100-kilometre-wide structural corridor extending in a southeast direction from Reno. The past-producing historic Comstock lode silver/gold mine is located within this trend, as is the past-producing Esmeralda/Aurora gold mine, with reported production of about one million ounces, located 30 kilometres southwest of the project.

The new Nevada Copper gold-copper mine, is located about 30 kilometres north of the project also within the Wasuk Range (Pumpkin Hollow: 981,000 ounces gold, 34 million ounces silver, 5.4 billion pounds copper).

An original agreement was signed with District Gold and World Ventures for the acquisition of 75 per cent of the Lapon Canyon project, under lease to D.R. Potts (deceased).

As it has been determined that both District and World Ventures could not deliver the lease as stipulated, they have entered into a release agreement, whereby District and World Ventures fully release and discharge Walker from the original agreement.

In consideration of the release, Walker has agreed to issue to District 100,000 common shares and to World Ventures 100,000 shares. On or about Feb. 28, 2015, an additional 50,000 shares each will be issued to both parties.

In addition District and World Ventures retain a 0.5-per-cent net-smelter-returns royalty, respectively.

One hundred per cent of the Sleeper-Lapon Canyon lease has been transferred to and registered in the name of Walker River Resources.

Concurrent with increasing the interest, the company has also entered into an agreement with the leaseholder removing all work commitments during the term of the lease in lieu of issuing 200,000 shares of the company each year for the term of the lease (four years). Lease payments are $13,500 quarterly, and the lease may be cancelled and 100 per cent of the property purchased at any time for $400,000. Lease payments made prior to the buyout are credited to the final payment. The lease is valid till March 1, 2017. The leaseholder retains a 0.5-per-cent NSR.

Previous work began in 1907 with the discovery of vein-type gold mineralization on the Sleeper claims. Approximately 600 metres of underground drifts and adits were used to explore and access a series of high-grade vein-type structures. From 1914 to 1924, a two-stamp mill was erected, and limited production was reported. Further limited underground exploration was carried out, returning numerous assay values in the range of one ounce per ton, with a sample at the end of an adit returning 20.6 ounces per ton gold (Gruenwald, 1994, National Instrument 43-101 report dated Feb. 15, 2004, by Dr. J.H. Montgomery, PE eng, and N. Barr, BSc).

Initial geology and exploration work by Walker began in September under the supervision of Tom Evans, MSc geology, a registered geologist with over 40 years of experience in the Western United States and Mexico.

Results show that the gold mineralization is located within steeply, dipping, sheared and altered cross-fault structures crossing the Walker Lane trend.

A grab sample taken near the entrance to the old mine adit returned a value of 0.398 ounce per ton gold (12.8 grams) (treated at ALS/Chemex Labs), and consisted of altered and sheared rock containing quartz and sulphides (see news release dated Jan. 9, 2014).

E. Gauthier, geol, Eng (OIQ), acts as the qualified person to the company, and has reviewed and approved the contents of this release.

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