Ampere Metals to acquire up to 100% of the Virginia Project in Santa Cruz province for a total cash consideration of US$ 8.0 million over 7 years of scheduled payments.
By Panorama Minero
Mirasol Resources Ltd. reported the signing of a definitive agreement with Ampere Metals Pty. Ltd. for the sale of the mineral rights and landholdings within Mirasol`s Virginia Silver Project located in the Santa Cruz Province.
“The sale of our Virginia Silver Project adds significant funds to our ongoing exploration projects while the remaining royalty ensures that Mirasol shareholders will continue to benefit from the project’s success as the Resource at Virginia continues to expand,” Mirasol’s President Tim Heenan stated. “The sale represents the first major achievement of our ongoing business development initiative and demonstrates the potential of our highly prospective, yet undervalued, portfolio of projects.”
Discovered by Mirasol in 2009, Virginia hosts a high-grade, intermediate sulfidation epithermal style mineralization in a series of prominent outcropping vein-breccias. An updated Resource Estimate is contained within a series of nine outcropping veins hosting high-grade silver mineralization, constrained within conceptual pits, with an indicated mineral resource of 11.7 million ounces of silver at 357 g/t silver and a further inferred mineral resource of 7.9 million ounces of silver at 184 g/t silver.
Terms of the Virginia Definitive Agreement
Under the terms of the Definitive Agreement, Mirasol has granted Ampere Metals an initial option to acquire 51% of the Virginia Project for total consideration of US$4 million, and a further option to acquire the remaining 49% for total consideration of US$4 million. Mirasol will retain a 2% net smelter royalty.
