MEXICO – Ontario-based Aura Resources announced it has entered into a definitive agreement with Vancouver-based Minaurum Gold and its Mexican subsidiary to acquire an interest in the East Taviche property located in Oaxaca, southeastern Mexico.
To acquire an initial 80% interest in the project, Minaurum has to issue 100,000 common shares, reimburse all Taviche project concession fees paid by Aura during 2018 and pay the remaining concession fees to bring the property into good standing by Jan. 31, 2019, to a maximum of $80,000, and issue an additional 100,000 common shares in the capital of Minaurum upon receiving all relevant approvals and consents required prior to exploration and drilling.
Upon acquiring the 80% interest, Minaurum will act as operator of the project, which is located about 10 km south of the city of Ocotlan and 40 km west of Fortuna Silver Mines’ San José gold/silver mine, which in 2015 produced 4.9 million oz. of silver and over 38,000 oz. of gold.
“We are very pleased to have Minaurum advance the Taviche project. Minaurum is a regional explorer focused on the exploration and development of high grade gold and silver projects in Mexico and is led by experienced exploration and management teams. This transaction assures that exploration will continue at the Taviche project allowing Aura to realize value for its investment in the project and to focus on new opportunities,” Robert Johansing, CEO of Aura, said in a press release.
Johansing’s firm has been operating the East Taviche project since 2010. Corporate information states that the major target within the concession has been the 7.5-km long Higo Blanco mineralized corridor where epithermal-style gold stockwork mineralization was discovered that flanks and caps silver-bearing silicified limestone breccias.
“An 865,000-tonne inferred ore zone grading 119 g/t silver and a 3.3 million tonne inferred ore zone averaging 0.51 g/t gold has been outlined by 14 drill holes. Deeper drilling to test for higher grade gold in the Mezcal vein structure is required where grades to date appear to be increasing with depth. In addition, future programs would include further testing of the extension of the silver mineralization with deeper holes to locate the source testing several ‘organic geochemical’ targets,” the company’s website states.
This story first appeared on www.Mining.com.