A $5-million private placement will provide funds for Valdez Gold (VAZ-A) to explore various properties in Mexico, including the Altar Trend project in northwestern Sonora state.
This project is immediately north of Newmont Gold’s Herradura deposit, which is reported to host a resource of more than 1 million gold. Valdez has carried out mapping and sampling at two of eight known gold prospects in the region. Multiple samples from these areas yielded gold values ranging from 1 to 32 grams gold per tonne. More mapping and sampling are planned, as is geophysical work.
Elsewhere in Mexico, Valdez has acquired a 100,000-ha land position in the Batopilas district of western Chihuahua state. The property adjoins Francisco Gold’s Sauzal gold discovery on three sides.
The recent financing will boost Valdez Gold’s working capital to $9 million and the number of its issued and outstanding shares to 46.8 million.
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