Subject to a 90-day due diligence period, Birchwood Ventures (BIR-V) has entered into an agreement to acquire the Mina Paredones property in the Cajamarca region of Peru.
The property comprises five mining concessions totalling 3,400 hectares, where historic mining of silver and base metals dates to pre-colonial times.
Mineralization is hosted by several sub-parallel veins within an extensive epithermal system.
Previous sampling of two associated clay-silica alteration zones yielded values between 1 and 2 grams gold per tonne. The alteration zones are traced for several hundred metres along strike and up to 100 metres in width.
Birchwood can acquire a 100% interest by paying US$3 million cash and issuing 1.2 million shares over three and a half years.
Geochemical sampling will begin shortly.
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