GOLDEN PEAKS RESOURCES of Vancouver has agreed to purchase 50% of two properties (Ely 20-57-58 and Ely 6) in Rio Negro, a southern province in Argentina, from IAMGOLD CORP. of Toronto. The deal is worth US$500,000 over three years. The 26,494-hectare properties are situated at the epithermal gold district of Los Menucos, 1,100 m above sea level and 20 km from the closest city.
Ely 20-57-58 is next to Tanque Negro, an area where Golden Peaks has an option from RIO TINTO. In this way, Golden Peaks will be able to strengthen its position in the area, since the firm is currently exploring and planning to mine at Tanque Negro.
Evidence of mineralization and alteration of epithermal gold has been found in Ely-6.
Golden Peaks is also exploring for gold, silver and copper in Sierra de Las Minas, La Rioja, together with PRIMO RESOURCES, MITSUBISHI CORP. and MITSUBISHI MATERIALS. The Japanese firm can earn 30% of the project by spending US$2.25 million for three stages of exploration.
IAMGOLD, on the other hand, owns an exploration property in an area of gold and silver in Santa Cruz. The project is Las Mellizas, which last year started a drill program to determine the extension of a vein detected in previous work.
Despite the anti-mining feeling that emerged in response to Meridian's gold project and the fact that the minister in charge of the mining sector has not yet been officially announced, mining companies (especially junior ones) remain very active in Argentina.