Procoloro Resources (ME) has given a private Quebec company, 29594785 Quebec Inc., an option to earn 45% of the Vallejo property in the Remedios district of Colombia.
The 5.6-sq.-km concession has a vein structure with a potential resource of 1.1 million tonnes grading 20-30 grams gold per tonne. Previous exploration was limited to the sinking of two 25-metre shafts, which were abandoned because of water seepage.
The private company can earn the 45% interest by spending US$1 million over two years.
Procoloro has also placed 700,000 units, each consisting of one share and one half warrant, priced at $1.50 per unit, for proceeds of $1 million. A full warrant can be converted to a common share at $1.95 until June 1997.
The company will use the proceeds at its Yurani property, also in the Remedios district.
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