A recent $5-million private placement will provide funds for Exploration Sulliden (SUE-M) to explore its Las Huaquillas project in Peru.
The junior says it intends to use 80% of the proceeds to explore the gold project, while the balance will be used to acquire more properties and for general corporate purposes.
Las Huaquillas contains several epithermal gold prospects hosted within a volcanic formation, 200 km north of the Yanacocha gold mine. The most advanced is Los Socavones, where a Peruvian company established, by drilling and underground work, reserves of 2.5 million tonnes grading 2.69 grams gold and 27 grams silver per tonne.
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