Santana buys Chilean gold project
PERTH (miningweekly.com) – ASX-listed Santana Minerals has reached an agreement with fellow-listed Collerina Cobalt to acquire a major shareholding in the Becker gold project, in Chile.
Under the terms of the agreement, Santana would acquire Collerina subsidiary Carlin Resources in exchange for 10-million ordinary shares in Santana, and the repayment of a loan from Collerina to Carlin, capped at A$500 000.
An additional top-up payment of A$850 000 would also be made on the definition of a resource of one-million ounces of gold or gold equivalent, as well as A$425 000 for each additional resource defined of 500 000 oz of gold or gold equivalent.
Carlin has also entered into an amended joint venture agreement with Patrick James Burns over the Becker project, giving Carlin the right to earn up to an 85% interest in the granted tenements, which cover some 2 000 ha, and an 80% interest in the tenement applications, which cover some 6 000 ha, by satisfying a series of staged cash payments and completing minimum exploration expenditure.
Santana told shareholders on Thursday that initial exploration work at Becker was already planned, with the company committed to a ten-hole diamond core programme across two prospects.
To fund the exploration work, Santana would undertake a renounceable rights issue, priced at 8c a share, to raise A$1.5-million. One free listed option would be issued for every two shares subscribed for.
The Becker project has seen limited exploration since its discovery in 1995, with previous exploration work identifying 11 individual quartz veins occurring over a total strike length of 350 m.
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