08:51 AM EDT, 03/26/2025 (MT Newswires) -- Walker Lane Resources (WLR.V), which saw its shares jump 25% on Tuesday, earlier Wednesday said it optioned three properties located in the Walker Lane of western Nevada and a right-of-first refusal on the Shamrock Property in eastern Nevada from Silver Range Resources ( SLRRF ) , which also rose yesterday.

Kevin Brewer, President and CEO of Walker Lane, in a statement said: "This package of properties in Nevada, provides us with excellent exposure to the emerging Walker Lane area. In particular, Tule Canyon provides us with a second drill ready property in our diverse property portfolio. We intend to commence drilling at Tule Canyon in Q3-Q4, 2025. Cambridge and Silver Mountain also have considerable exploration prospectivity. All of these properties hold the potential to generate advanced stage exploration projects in the near term."

Brewer added: "These acquisitions also serve to fulfill a long-standing objective of our Board....to acquire properties that enable us to conduct exploration activities year-round which will result in a vastly improved flow of exploration activity and results."

The company will be working closely with Mike Power of Paladin Geosciences Corp. (and who is also the President and CEO of Silver Range) who, according to the statement, "has a considerable understanding of the geology and mineralization styles in Nevada and will be actively involved in our project undertakings."

Silver Range and WLR have executed a Letter of Intent granting WLR the option to buy 100% of the Tule Canyon Property. The company said WLR has a first option to buy 80% of Tule Canyon by paying Silver Range an aggregate US$480,000 over four years and completing 1,500 meters of diamond drilling by March 8, 2028. A second option to buy the remaining 20% may be exercised by WLR if certain conditions are met.

Walker Lane, Silver Range and Auburn Gold Mining executed a LOI granting CMC the option to buy 100% of the Cambridge Property, where WLR has a first option to buy 75% of Cambridge for US$460,000 over four years, incurring $1.5 million in exploration expenditures and completing 1,500 meters of diamond drilling on the property. A second option to acquire the remaining 25% of the property can be exercised by WLR, subject to certain conditions.

Silver Range and CMC executed a LOI granting WLR the option to buy 100% of the Silver Mountain Property for $200,000.

Silver Range and WLR also executed an agreement whereby WLR is granted a right of first refusal to any future sale, option, or other disposition of all or a partial interest in the Shamrock Property at any time prior to Oct. 1.

A statement noted WLR intends to "aggressively pursue" exploration of these properties in 2025.