Sendero Resources Announces Option Agreement To Expand Land Position in the Vicuña District

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VANCOUVER, BC / ACCESSWIRE / March 5, 2024 / Sendero Resources Corp. (TSX:SEND) ("Sendero" or the "Company") is pleased to announce that the Company has entered into an arm's length option agreement dated March 4th, 2024, with Energía y Minerales - Sociedad del Estado ("EMSE"), the Energy and Minerals State Society of La Rioja, to significantly increase the Company's land position in the Vicuña District (the "Option Agreement").

Pursuant to the terms of the Option Agreement, upon satisfying certain agreed to financial commitments, Sendero and EMSE would form a joint venture (the "Joint Venture"), which would be eighty percent (80%) owned by Sendero, to develop mineral concessions consisting of 9,177 hectares / 91.7 km² (Figure 1) ("Joint Venture Claims") which are directly adjacent to the east of the Company's 100% owned Peñas Negras Project, a copper-gold project consisting of 12,000 hectares / 120 km² which the Company commenced drilling on in January 2024, with initial assay results pending.

Sendero Executive Chairman, Michael Wood, commented:

"We are delighted to be expanding our land position in Vicuña. The exploration we have done at Peñas Negras to date, has highlighted the great geological potential of the area and the ability to increase our land position by 76% to 211 km² in one of the hottest exploration districts in the world is something the team is very excited about.

We are looking forward to working with EMSE to develop the Vicuña District in the Province of La Rioja and bring economic and social benefits to the people of La Rioja."

Foto: Accesswire

Figure 1. Increased Land Position in the Vicuña District

Pursuant to the terms of the Option Agreement, the formation of the Joint Venture is conditional on the following deliverables by Sendero:

• Sendero to make aggregate cash payments of US$5,000,000 of which US$1,000,000 is payable in 2024, US$1,260,000 in 2025 and US$1,370,000 in each of 2026 and 2027.
• Sendero shall have completed work expenditures of US$10,000,000 within four years on the combined land package of Peñas Negras Project and Joint Venture Claims.
• EMSE shall be granted a one percent (1%) net smelter royalty (NSR) on the Peñas Negras Project.

Sendero will provide information on the geological information that EMSE has on the Joint Venture Claims, once it has completed a detailed review and outline initial work plans on the Joint Venture Claims.