Navy Resources Acquires Spanish Moon District

VANCOUVER, BC – Navy Resources Corp. has acquired an option to purchase the Spanish Moon Project and Barcelona Property, collectively the “Spanish Moon District” or the “Property,” located approximately 13 km SE from the active Round Mountain mine that has produced over 15 million ounces of gold. The Property has been consolidated for the first time and is characterized by an 8 kilometer trend of skarn and epithermal styles of mineralization with four main zones of mineralization recognized to date. The Property has seen sporadic historical high-grade silver production from 1879 – 1922 at a reported grade of 25 ounces per tonne as well as limited historical drilling from the 1980s and 1990s that produced significant gold intercepts of 13.5 meters of 7.6 g/t Au, 25.2 meters of 2.2 g/t Au, and 1.5 meters of 24.5 g/t Au.

Navy has entered into an option agreement with Nevada Select Royalty Inc, a wholly owned subsidiary of Ely Gold Royalties Inc. whereby the Company will have the option to purchase 100% of Spanish Moon. It has also entered into a lease-option agreement with patent holders who own 87.25% of the contiguous Barcelona. The Company has up to five years to acquire a 100% interest in the Property, totaling approximately 600 hectares, consisting of 70 unpatented claims at Spanish Moon and 2 patented claims at Barcelona, by making cumulative cash payments of USD $1,395,000 and cumulative share payments of 1,250,000 common shares in the capital of the Company.

Paul Sun, President and CEO, said, “The Spanish Moon and Barcelona properties represent an exceptional opportunity to explore a well-known historic gold district which has never been consolidated or explored systematically. The 8km land position sits on the other side of the Round Mountain pluton from the Round Mountain Mine and has numerous high grade silver and gold occurrences which provide multiple targets for a major discovery. This acquisition marks our third project in Nevada that supports our goal of developing a high-quality exploration company that is pursuing major discoveries using new geological concepts within the Great Basin. The Spanish Moon District is an excellent complement to our Weepah and Hot Spring Range projects as the company considers it highly underexplored with multiple high-grade silver and gold occurrences.”