Palayan Resources, Inc. announced that it has executed a Joint Venture Agreement with Provenance Gold Corp. dated January 8, 2021 pertaining to certain mineral claims and rights in the State of Nevada. The transaction involves the formation of a joint venture to manage and direct all matters related to the previously disclosed Letter of Intent executed on December 4, 2020, which disclosure described 102 lode mineral claims, known as the Silver Bow Claims, and one (1) patented mining claim, identified as the Blue Horse Claim, all of which are located in Nye County in the State of Nevada and are subject to certain net smelter returns royalty.

The Project consists of approximately 2,024 acres. Per the terms of the Joint Venture Agreement, Palayan will have an equity participation of 49.5% in the joint venture in exchange for providing certain funding for the Project, subject to the full terms and conditions of the Joint Venture Agreement.