Fresnillo buys Naranjillo property in Mexico
TSX-V-listed Plata Latina says silver major Fresnillo has exercised its option to purchase its Naranjillo property, in Mexico.
The option stems from a 2017 agreement that provided Fresnillo subsidiary Metalúrgica Reyna with a three-year term in which to conduct exploration and exercise the option.
The Naranjillo project is a grassroots epithermal silver/gold discovery made by the company in 2012 and is located in the Mexican Silver Belt, about 35 km southeast of the Guanajuato mining district.
In the three-year option period, Reyna had to pay $1.65-million in stages for the right to explore the property. During that time, Reyna was also required to spend a minimum $3-million in exploration.
In January, before the end of the three-year option period, Reyna notified the company of the exercise of its option to purchase the Naranjillo property for a payment of $500 000 and the granting of a 3% net smelter return royalty.
Reyna will make advance royalty payments of $100 000 a year until either the maximum has been paid or commercial production starts from the Naranjillo property.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation