Minefinders (MFL-V) has signed a letter of agreement with USMX (USM-T) to acquire 70,000 ha of mineral concessions in northern Mexico’s Sonora state.
The Correo gold-copper prospect comprises a former government mineral reserve, as well as several anomalous gold-silver zones. The acquisition is immediately south of other concessions owned by the company, including the Bolsa gold discovery. Minefinders’ land holdings in Sonora total 20,600 ha.
The agreement, which has yet to be approved by shareholders and regulators, calls for Minera Minefinders and MXUS (the Mexican subsidiaries of Minefinders and USMX, respectively) to enter a joint venture.
The agreement stipulates that Minera Minefinders must pay advanced annual royalties, starting at US$5,000 and escalating to US$15,000, to MXUS.
Minefinders’ Mexican subsidiary will also be responsible for the work costs and tax obligations necessary to keep the concessions in good standing.
The Correo mineralized system bears geological similarities to the large, hydrothermal system identified on Bolsa.
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