- Kuya Silver Corporation (KUYA) subsidiary has claims covering approximately 1,800 net hectares near the Bethania mine, to which mining concessions will be granted
- The new concessions will be registered as Tres Banderas 03, Tres Banderas 04, Tres Banderas 05, Tres Banderas 06 and Tres Banderas 07
- However, since other companies filed applications at the same time, INGEMMET, the government body that governs the mineral concession system in Peru, was required to hold a sealed-bid auction in respect of each claim
- For the purposes of the auctions, claims were divided into sections as small as 100 hectares
- Kuya Silver Corporation (KUYA) is down 0.78 per cent and is trading at $1.27 per share as of 12:59 p.m. ET
Kuya Silver Corporation (KUYA) subsidiary has claims covering approximately 1,800 net hectares near the Bethania mine, to which mining concessions will be granted.
The new concessions will be registered as Tres Banderas 03, Tres Banderas 04, Tres Banderas 05, Tres Banderas 06 and Tres Banderas 07.
Kuya Silver first filed applications for a group of claims in the vicinity of the Bethania mine in November 2020.
David Stein, President and CEO of Kuya Silver stated,
“Recent exploration has demonstrated that the Bethania vein system appears to be larger than the original mining claim, so adding concessions surrounding the mine increases the exploration potential of the project.”
However, since other companies filed applications at the same time, INGEMMET, the government body that governs the mineral concession system in Peru, was required to hold a sealed-bid auction in respect of each claim.
For the purposes of the auctions, claims were divided into sections as small as 100 hectares.
Earlier in November, Kuya Silver participated in 27 auctions, for claims covering a total of 2,800 hectares.
It also submitted winning bids in 22 of those auctions, representing a total of 2,300 hectares.
Some of the claims for which Kuya Silver submitted the winning bids overlap with Kuya Silver’s existing claims.
When the acquisitions are final, it will bring Kuya Silver’s total holdings in the Acobambilla district to approximately 5,300 hectares.
Subsidiary Kuya Silver Peru S.A.C. disbursed a total of 2.23 million Peruvian soles, approximately US$565,000, for the 22 mining concessions.
Kuya Silver Corporation (KUYA) is down 0.78 per cent and is trading at $1.27 per share as of 12:59 p.m. ET.