Newmont picks up project near Cerro Negro
TSX-V-listed Magna Terra Minerals has sold its Boleadora group of properties – a large greenfield exploration land package of about 55 000 ha in Santa Cruz, Argentina – to global major Newmont.
The 12 individual exploration licences are about 17 km south-east of Newmont’s Cerro Negro mine.
Newmont subsidiary Oroplata will pay Magna Terra subsidiary Atala Resources $1-million for the package. Newmont also granted a 2% net smelter royalty to Magna Terra on the Boleadora package. The royalty can be reduced to 1% by payment of $2.5-million by Oroplata to Atala at any time, and the gross royalty payable is capped at $20-million.
“While it is a very large and early stage exploration package, its proximity to the Cerro Negro mine site makes it of strategic interest to Newmont from an exploration perspective. The bulk of the property package lies along trend of the NNW structural control that is an important geological feature at Cerro Negro.
“Including Boleadora into Newmont’s regional Cerro Negro exploration programme, along with the application of their proven exploration technologies, will add significant value to the project, and ensure that it is advanced in the near term,” said Magna Terra president and CEO Lew Lawrick.
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