- Peruvian Metals (PER) has reached a deal to sell its Panteria Cu-Au Project in Peru
- The project includes the Renaldo Au-Ag Zone
- The cash and stock deal is worth approximately C$1.5 million
- Peruvian Metals will retain a one-percent Net Smelter Return royalty (NSR)
- Peruvian Metals is up 8.33 per cent, trading at $0.20 at 11:46 am EST
Peruvian Metals (PER) has reached a deal to sell its Panteria Cu-Au Project in Peru.
The project includes the Renaldo Au-Ag Zone.
The Toronto-based mineral exploration company signed a Letter of Intent (LOI) to sell the land package to Gold State Resources.
The cash and stock deal is worth approximately C$1.5 million.
Peruvian Metals will retain a one-percent Net Smelter Return royalty (NSR).
The property is located 210 kilometres southeast of Lima in the Huancavelica department situated at the northern extension of the Southern Coastal porphyry belt.
The property was previously explored by First Quantum Minerals between 2016 and 2018. First Quantum drilled 8,699 metres in 11 holes in two campaigns, uncovering five main mineralized zones.
The LOI will allow Gold State to conduct its due diligence in order to execute a definitive agreement, which is expected to happen by January 15, 2022.
“The company is very pleased to have successfully divested another non-core asset to a new group. The Panteria Project has multiple untested Cu-Au porphyry style and high-level Au-Ag targets that need to be explored. Management of Gold State has considerable operational experience in Peru which will allow Peruvian Metals to focus on its core business model developing high grade precious and base metal assets in Northern Peru. We are fortunate to receive an early ground floor share position in this new Peruvian exploration company. This transaction shows the Company’s ability to generate quality prospects and Peruvian Metals will continue to apply for concessions in new areas throughout Peru,” said Peruvian Metals CEO Jeffrey Reeder.
Peruvian Metals is up 8.33 per cent, trading at $0.20 at 11:46 am EST.