Montero inks agreement to acquire Isabella Gold Silver Project
Category: #world  By Saipriya Iyer  Date: 2020-08-07
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Montero inks agreement to acquire Isabella Gold Silver Project

Montero Mining and Exploration Ltd. has reportedly inked a Binding Purchase & Sale Agreement to acquire a 100% or full interest in a private company in Chile. ChileCo holds several mineral rights to exploration claims on the Isabella Gold Silver Project. The exploration claims of Isabella cover an area of 67 sq. km.

The recent agreement is subject to the corporate & legal process in Chile as well as other regulatory approval.

Montero’s CEO & President, Dr. Tony Harwood, has commented that the company has secured the Isabella project in Chile, which can gain an advantage from the company’s gold silver discovery, exploration, and development expertise in a tier 1 mining jurisdiction. It is currently assessing exploration data to carry out a drill program in 2020.

The project is located in the Chilean Coastal Range in the south, which is over 200 km to the south of Santiago. The coastal range contains various copper and gold occurrences due to the intermediate intrusive, sediments, and volcanic events in the Mesozoic era. Moreover, the project is regionally located north of a gold area explored by Fresnillo and south of Minera Florida gold mine of Yamana.

The project hosts multiple quartz veins that are structurally controlled, which have been mapped in an area of nearly 12 km long & 4 km wide. As per field reports, the mineral concentrations in these quartz veins are up to 48 g/t gold & 629 g/t silver.

As per the terms of the recent agreement, Montero has obtained a 100% interest in ChileCo, which is holding a full mineral interest to the Isabella Gold Silver Project. ChileCo was acquired by taking over the earn-in obligations of the cash payments worth $450,000, which are expected to be made by August 2022. In Subsidiary 1, the company will hold an 85% interest in mineral claims of Isabella West, while in Subsidiary 2, it has an 85% interest in mineral claims of Isabella East. These mineral claims are subject to joint venture & mining option agreements signed with local parties.

Source credit:

https://www.globenewswire.com/news-release/2020/08/05/2073548/0/en/Montero-Acquires-Isabella-Gold-Silver-Project-in-Chile.html



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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