- Colibri Resource Corporation (CBI) signed a definitive deal with Silver Spruce Resources
- The deal means the two companies will jointly explore Colibri’s recently acquired Diamante Gold and Silver Project
- Silver Spruce will have an option earn up to 50 per cent of the project in Sonora Mexico
- The highly prospective gold and silver project consists of a cumulative 1,057 hectares over two properties
- Colibri Resource Corporation is down 3.57 per cent, trading at C$0.14 at 12:35 pm ET
Colibri Resource Corporation (CBI) signed a definitive deal with Silver Spruce Resources.
The deal means the two companies will jointly explore Colibri’s recently acquired Diamante Gold and Silver Project.
The project is located in the Sierra Madre Complex near the town of Tepoca in Sonora Mexico.
Silver Spruce will have an option earn up to 50 per cent of the project.
The highly prospective gold and silver project consists of a cumulative 1,057 hectare land package in two properties named Diamante 1 and Diamante 2. Diamante 1 borders Colibri’s 180-hectare El Mezquite Gold Project immediately to the west.
The project hosts a variety of styles of precious and base metal polymetallic mineralization.
To earn its initial 25 per cent interest in the Project, Silver Spruce agrees to pay Colibri cash in the amount of USD$75,000. Yaque and Silver Spruce will each then hold a 25 per cent interest and manage the project as equal partners.
To earn its initial 50 per cent of the Diamante project from the original vendor, Yaque (together with Silver Spruce) agree to jointly design, permit and drill a minimum of 2,000 metres on the property within 24 months from the Execution Date of Yaque’s final agreement with the original vendor.
Colibri is a Canadian-based mineral exploration company focused on acquiring and exploring prospective gold and silver properties in Mexico. The company has six exploration projects of which five currently have exploration programs being executed or planned.
Colibri Resource Corporation is down 3.57 per cent, trading at C$0.14 at 12:35 pm ET.
