- Write by:
-
Thursday, June 11, 2020 - 4:49:09 PM
-
647 Visit
-
Print
Mining News Pro - Newmont has entered an agreement to acquire a large greenfield exploration land package of approximately 55,000 hectares in Santa Cruz province, Argentina, from Toronto-based junior Magna Terra Minerals.
The package — known as the Boleadora group of properties — encompasses 12 individual exploration licenses located about 17 km southeast of the Cerro Negro mine area.
Newmont will pay Magna Terra $1 million to acquire the Boleadora project, with $25,000 paid upon signing followed by six installments totalling $975,000 paid within six years from the date of the agreement.
Newmont also granted a 2% net smelter return royalty to Magna Terra on the Boleadora package. The royalty can be reduced to 1% by payment of $2.5 million by Newmont to Magna Terra at any time, and the gross royalty payable is capped at $20 million.
“While it is a very large and early stage exploration package, its proximity to the Cerro Negro mine site makes it of strategic interest to Newmont from an exploration perspective,” Magna Terra president and CEO Lew Lawrick stated.
“The bulk of the property package lies along trend of the NNW structural control that is an important geological feature at Cerro Negro. Including Boleadora into Newmont’s regional Cerro Negro exploration program, along with the application of their proven exploration technologies, will add significant value to the project,” he added.
Short Link:
https://www.miningnews.ir/En/News/546180
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
Chinese investors are snapping up stocks tied to high-flying metals from copper to gold, aiding an onshore market facing ...
Outflows from global physically backed gold exchange traded funds (ETFs) continued for a 10th month in March, but at a ...
i-80 Gold fell by over 11% at market open Tuesday following its announcement of a C$100 million ($74m) public offering ...
No comments have been posted yet ...