- Carlyle Commodities (CCC) has signed an option agreement with Riverside Resources to wholly acquire the Cecilia gold-silver project in Sonora, Mexico
- Under the terms of the deal, Carlyle will pay a total of C$200,000 in cash, issue 1.5 million common shares and 3 million special warrants, and assume $2.5 million in exploration expenses
- Following the completion of the staged payments, Riverside will retain a 2.5 per cent net smelter return royalty on the Cecilia project
- An initial work program for the project will be developed in collaboration with Riverside, and will build on previously completed sampling and mapping
- Carlyle Commodities (CCC) is currently up 16.22 per cent to 43 cents per share
Carlyle Commodities (CCC) has signed an option agreement with Riverside Resources to wholly acquire the Cecilia gold-silver project in Mexico.
Located 40 kilometres southwest of the Mexico-United States border town of Agua Prieta, the 7,739-hectare project is centred on several mineralised rhyolitic flow-dome complexes.
It’s thought to bear similar characteristics to SSR Mining’s Pitarrilla deposit, which has a measured and indicated resource of 526 million ounces of silver, and Fresnillo’s San Julian deposit, which hosts more than 230 million ounces of silver.
Under the terms of the option agreement, Carlyle will pay a total of C$200,000 in cash, issue 1.5 million common shares and 3 million special warrants, and assume $2.5 million in exploration expenses over a 36 month period.
$10,000 in cash has already been paid, with the next instalment to be made upon closing of the agreement, which will include $40,000 in cash, 1.5 million common shares and three million special warrants.
Morgan Good, CEO of Carlyle Commodities, said he was thrilled to have entered into the option agreement with Riverside Resource.
“The project is drill permitted and all logistics are currently in place. This allows work programs, including but not limited to an initial drill campaign where we will be testing several high priority targets, to begin in short order.
“With many other junior mining companies exploring for precious metals in Mexico and having had success of late, as well as the surging gold price and what we believe to be a prolonged gold cycle, timing is perfect for Carlyle and Riverside,” he added.
The two parties are expected to formulate an initial work program for the Cecilia project over the coming weeks, which will build on previously completed sampling and mapping. The work is anticipated to include a drone aeromagnetic survey to establish a better understanding of the entire property.
Carlyle Commodities (CCC) is up 16.22 per cent and is trading at 43 cents per share at 11:46am EDT.
