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Monday, June 15, 2020 - 9:57:50 PM
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Mining News Pro - Colibri Resource announced that it has entered into an agreement with Silver Spruce Resources granting an option to purchase 50% of its wholly-owned Mexican subsidiary Yaque Minerales, which holds the El Mezquite gold project in Sonora.
Colibri said that El Mezquite is a drill-ready precious metal project in the Caborca District, 10 kilometres northwest of the town of Tepoca.
The 180-hectare property sits within the west-central portion of the Sierra Madre Occidental Volcanic Complex within the northwest-trending Sonora Gold Belt of northern Mexico and is parallel to the precious metals-rich Mojave-Sonora Megashear.
To get half of the stakes in Yaque Minerales, Silver Spruce has to make cash payments of $210,000 over 12 months and issue a promissory note to the vendor for $500,000 for a debenture due in October 2023.
Upon full payment, Colibri and Silver Spruce propose to complete a 50:50 joint venture agreement to own and operate Yaque.
Minimum work expenditures total $600,000 over the four-year term, with no specific annual requirements.
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