- Prime Meridian Resources (PMR) has signed a deal to acquire a historic mine in Mexico
- The company executed a Letter of Intent, giving it the right to purchase up to a 100-per-cent interest in the La Verde Grande copper-zinc-gold-silver mine
- The La Verde Project is located in central Sonora State, Mexico
- The project is made up of nine mineral concessions covering 2,493 hectares
- Prime Meridian Resources is unchanged, trading at C$0.12 at 2:20 pm EST
Prime Meridian Resources (PMR) has signed a deal to acquire a historic mine in Mexico.
The Vancouver-based mineral exploration company executed a Letter of Intent (LOI), giving it the right to purchase up to a 100-per-cent interest in the La Verde Grande copper-zinc-gold-silver mine as well as surrounding concessions.
The La Verde Project is located in central Sonora State, Mexico.
The cash and stock deal is worth approximately US$8.4 million. The seller will retain a two-percent net smelter return royalty (NSR).
The project is made up of nine mineral concessions covering 2,493 hectares.
The company plans to fast-track the exploration and development of the seven currently known copper-zinc-gold-silver skarn zones while evaluating the significant opportunity for the discovery of copper porphyry mineralization near those zones.
Access to the La Verde Project is by paved highway and improved gravel road that ends directly at the main historical workings near the centre of the property.
The past-producing La Verde Grande Mine is the most advanced of the known targets at the La Verde Project and has a historical “ore reserve estimate” for the central mineralized zone.
“We have been financing and developing copper projects in Canada, the USA and Mexico for over 20 years and the opportunity at La Verde is the best I have seen over that time period, as it provides a potentially significant value proposition from the combination of a near-term production opportunity from the skarns and the exciting prospect of a new copper porphyry discovery in one of the world’s most productive copper belts. We also know that timing is important in the copper sector and there has never been a better time based on the historic transitions going on in the global copper market,” said Prime Meridian Resources CEO Brian Leeners.
Prime Meridian Resources is unchanged, trading at C$0.12 at 2:20 pm EST.
