Focal focuses on Nicaraguan properties

Focal Resources (FCJ-A) has completed a deal with High River Gold (HRG-T) to acquire three exploration properties in Nicaragua.

The company now holds 100% interests in the Rio Siquia, Santo Domingo and Waspuk-Wawa properties, leaving High River with a 3% net smelter return royalty and a right of first refusal on the first two of those properties.

For its interest, Focal paid an undisclosed sum in cash, assigned a third-party note and a non-interest-bearing note, and issued 500,000 shares in Intrepid Minerals (IAU-A4). The share issuance increases High River’s stake in Intrepid to 19.8%.

Rio Siquia is adjacent to Greenstone Resources’ La Libertad property, where proven and probable reserves stand at 17.7 million tonnes grading 1.67 grams gold per tonne. Last year, Focal and High River spent US$2.5 million exploring the property by means of trenching and diamond drilling.

Also on strike with La Libertad, Santo Domingo contains 16 known gold vein systems. Grab samples from four of those systems have returned better than 35 grams gold per tonne.

The Waspuk-Wawa concession lies in an area where past operations extracted some 4.5 million oz. gold.

As of January 1997, four targets had been identified on the concession: Santa Clara, Santa Rosa, Rio Francia and Bolivia. All are past producers.

High River has shifted its attention to a feasibility study of its Taparko project in Burkina Faso, in which it owns a 61.5% interest plus a right of first refusal on a 18.5% stake held by a partner.