Precious-metals-miner Hochschild Mining has bought a 50% stake in the Liam joint venture (JV) from Newmont Mining Peru, for $33,3-million in cash, the company announced on Thursday.

Hochschild will be the new operator of the JV, in which TSX-listed Southwestern Resources owns the other 50%.

Hochschild can also earn another 20% in each property covered by the JV, by producing a positive feasibility study and financing costs to commercial production.

The Liam gold/silver project comprises 282 000 ha in the Tertiary Volcanic Belt of southern Peru, located approximately 170 km north-west of Arequipa.

“It is currently one of the largest single claim blocks in Peru and is in close proximity to four of our existing operations; Arcata, Ares, Selene and Pallancata, enabling us to leverage our existing infrastructure and knowledge of the regional geology,” executive chairperson Eduardo Hochschild said.

To date, 38 exploration prospects have been identified and evaluated in the project area, nine of which have been drilled and include both high- and low- sulphidation veins, Vancouver-based Southwestern Resources said in a separate statement.

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