Laramide buys Mexican lead property

Toronto-based Laramide Resources (LAM-T) has completed the first stage of its acquisition of the Bilbao base metal property in Mexico’s Zacatecas state.

The junior has made the first $250,000 payment to Portree, a private firm from which it is acquiring about 7,100 ha of claims situated 10 km from the recently discovered San Nicolas massive sulphide deposit held by Teck and Western Copper. To earn up to a 75% interest in the project, Laramide must pay Portree a total of $2.5 million in cash and shares over a 34-month period.

The Bilbao property was mined for lead during, and for a time after, the First World War. It has never been subjected to drilling, but is believed to have potential for open-pit reserves above the old workings, as well as new base metal and silver discoveries.