Insular busy in Mexico

Insular Explorations (ISX-V) has signed a deal with Blackstone Resources (BZZ-A) to earn a 70% interest in that company’s El Diamante gold project in Chihuahua state, Mexico.

In order to earn an initial 50% interest in the 50,819 property, Insular must pay Blackstone US$175,000, issue 100,000 shares and spend US$1 million on exploration over three years. Insular can earn an additional 20% by paying Blackstone another $500,000 and spending a further US$1 million on exploration.