Metals One executes purchase agreement for Swales gold property in Nevada
Metals One () has executed the Asset Purchase Agreement (APA) relating to the conditional acquisition of the Swales gold property.
Swales is located near Nevada Gold Mines' Carlin Complex, the largest gold mining operation in the U.S.A.
Further to the initial announcement dated 14 May 2025, Metals One Plc has incorporated a new wholly owned subsidiary, Metals One Nevada Inc. Metals One Nevada will now lodge execution copies of the APA with the Office of the Elko County Recorder, Nevada, after which it will be registered on the exploration lease and thereby have 100% of the exploration rights on the lease.
The lease expires in December 2031 and is renewable for an additional 20 years. Metals One also retains the option to acquire the property outright.
Swales encompasses 139 contiguous unpatented mining claims over around 2,780 acres, with minimal modern exploration completed to date.
The project is underlain by both the upper and lower plates of the Roberts Mountains thrust. The geological conditions are ideal for hosting Carlin-type gold deposits and are analogous to major gold mines along the Carlin Trend.
The company will immediately commence Phase 1 exploration activities, including geological mapping, surface sampling, relocation of historical workings, and geophysical surveys, aimed at defining drill-ready targets for Phase 2.
The company also holds an option to acquire 100% ownership of the Swales Property for US$750,000, payable in cash or equity with the underlying owner. Total consideration for the APA of the Lease comprised a US$100,000 cash payment and the grant of a 2% net smelter return royalty to the seller.
"We are delighted to confirm the first stage in formally closing the Swales gold property acquisition, which marks a pivotal step in our strategic expansion into the U.S. gold sector,” said Craig Moulton, chairman of Metals One.
“Securing this highly prospective project within this prolific Nevada gold mining district significantly enhances our exploration portfolio. With the acquisition nearing completion, we are excited to move ahead with the planned Phase 1 exploration programme, which will capture modern, systematic exploration data at the project for the first time. The primary objective is to identify a large world-class mineralised system, like those found along the Carlin Trend."
View from Vox
With gold well consolidated at above US$3,300 per ounce, was there ever a better time to be picking up exploration and development assets in the world’s most famous gold district? Swales looks to have huge potential, and Metals One is wasting no time in starting to find out.
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