The junior can earn a 70% interest in the properties by spending US$1.5 million over four years, including at least US$500,000 by the end of the second year.
The most promising of the properties is Cerro Loro, in Chiriqui and Veraguas provinces. BHP has drilled one of two known gold targets, and Laguna believes the 153-sq.-km asset could host a related porphyry system.
The 100-sq.-km Los Pozos property in Herrera province has the potential to host low-sulphidation epithermal gold and base metal mineralization. Soil sampling by BHP outlined low-level geochemical anomalies over 2 sq. km.
Mapping on the 12-sq.-km Cotito property in Chiriqui province has located brecciated and silicified volcanics associated with geochemical anomalies.
As part of the transaction, Laguna will pitch in its 220-sq.-km Cerro Negro property in Herrera province. The company believes it has the potential to host epithermal gold deposits associated with maar volcanics.
If Laguna can discover more than 2 million oz. gold-equivalent in any area, it will grant BHP the option to acquire a back-in right for 51% of that area.
Meanwhile, in Costa Rica, Laguna is considering converting its Rio Chiquito open-pit heap-leach gold mine into an underground mine plus milling facility. The mine has been closed since May.
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