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Iconic Minerals (TSXV: ICM) (OTC: ICMFF) has announced the termination of its property option agreement with Gold Basin Resources (TSXV: GXX) (OTCQB: GXXFF). The agreement, formed on May 3, 2024, would have allowed Gold Basin to acquire a 50% interest in Iconic's New Pass gold property in Churchill County, Nevada.
The New Pass property consists of 107 unpatented mineral claims covering 2,140 hectares and is located three hours east of Reno, near Highway US-50E. Under the option agreement terms, Gold Basin would have needed to pay CAD $750,000 in cash and deliver CAD $750,000 in common shares to acquire the 50% interest.
The termination occurred because Gold Basin failed to fulfill the Option Exercise Conditions as required by the agreement. As a result, Gold Basin now holds no interest in the New Pass property.
Iconic Minerals announces a property option agreement with Gold Basin Resources for the New Pass gold property in Nevada. Gold Basin can acquire a 50% interest in the property by meeting specific payment conditions. The agreement aims to unlock value through the future advancements of the Property.
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