Having signed a letter of intent with MinAmerica of Panama, Arlo Resources (ARD-V) plans to acquire four properties on the Cerro Colorado-Chorcha copper-gold trend in western Panama.
The Daira, Manati, Union and Fonesca properties cover a total of 85,950 ha and are flanked by the giant Cerro Colorado project, which is being developed by Tiomin Resources (TIO-T).
To acquire the properties, Arlo will issue MinAmerica 200,000 shares per property over a 3-year period. MinAmerica will retain a 1% net smelter return royalty.
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