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Evrim Resources Corp announced that it has signed a Letter of Intent with a subsidiary of Coeur Mining, Inc on the Company’s Sarape epithermal gold-silver project in Sonora, Mexico. Coeur may acquire up to an 80% interest in Sarape by spending USD 16.5 million on exploration, making staged cash payments of USD 2.4 million, and completing a National Instrument 43-101 compliant Feasibility Study on a minimum measured and indicated resource estimate of 1,000,000 ounces gold equivalent, within a ten-year period. Sarape is located in an emerging epithermal gold belt that hosts Premier Gold’s Mercedes Mine, First Majestic Silver’s Santa Elena Mine, and the Ermitaño gold discovery, a project under option to First Majestic Silver. Mr Paddy Nicol CEO Evrim commented that “We are excited to partner with Coeur on the Sarape project, and this transaction represents our seventh active exploration partnership.” He said that “Like the Ermitaño project, Sarape exhibits large outcropping veins up to six kilometres in length and has never been drill tested. The exploration of Sarape to date has focused on the recognition of textures within the veins at surface which commonly occur above concealed high-grade ore-shoots.” Transaction Terms After a USD 100,000 cash payment upon signing a Definitive Agreement and a first-year firm commitment of USD 500,000 in exploration costs, Coeur can then earn an initial 51% by completing the annual earn-in commitments and a NI 43-101 Preliminary Economic Analysis on a minimum inferred resource of 1,000,000 ounces of gold equivalent. After earning the Initial Interest, Coeur can elect to earn an additional 39% interest by delivering a NI 43-101 compliant Feasibility Study on a minimum measured and indicated resource of 1,000,000 ounces of gold equivalent and making scheduled cash payments and minimum exploration expenditures up to the date of delivering the Feasibility Study. Once Coeur has earned the Second Interest, it will continue to pay to Evrim US$100,000 per year until mining and construction permits are received. Once the permits are received, Evrim may elect to participate in the joint venture with a 20% interest, or convert its 20% interest into a 3% net smelter royalty of which one-third can be purchased for USD 2.0 million. If Coeur elects not to proceed with the Second Interest, it will convert its 51% interest to a 2% NSR of which one-half can be purchased by Evrim for USD 2.0 million. Quelle: https://steelguru.com/mining/evrim-resource-partners-with-co… |
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| aus der Diskussion: | Coeur Mining (Nyse: CDE) WKN: A0RNL2 |
| Autor (Datum des Eintrages): | Depotmanager04 (27.02.18 10:58:01) |
| Beitrag: | 2,003 von 6,996 (ID:57130329) |
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