Gold79 Mines announces that Minaurum Gold Inc. and its wholly owned subsidiary, Minera Minaurum Gold SA de CV (“MGG”) have entered into an option agreement with Fortuna Silver Mines Inc. and Fortuna’s wholly owned subsidiary, Compania Minera Cuzcatlan SA de CV (“CMC”), pursuant to which CMC can earn up to an 80 percent interest in the Taviche silver project located in Oaxaca, Mexico.
Details with respect to this option agreement were announced by MGG on January 7, 2021. CMC will act as operator of the project and can earn an initial 60% interest in the project by making cash payments to MGG of US$450,000 and incurring US$4 million in work expenditures over a three year period.
Gold79 retains a 20% free-carried interest in the Taviche project under the terms of the Company’s agreements with MGG. MGG holds an exclusive option to acquire this 20% interest for a purchase price of CDN$1,000,000. Additionally, Gold79 is entitled to receive 100,000 common shares of MGG upon receipt of all relevant approvals and consents required for the commencement of exploration drilling at the Taviche project.
Gary Thompson, President, CEO and Chairman of Gold79, stated,“We are pleased that the Taviche silver project has been placed in strong hands with Fortuna as operator. Significant exploration programs are contemplated; and, if successful, we could see our 20% interest purchased with funding from Fortuna. Gold79 continues to focus on its gold projects in the Southwestern USA.”
About Gold79 Mines Ltd.
Gold79 Mines Ltd. (formerly Aura Resources Inc.) is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in the Southwest USA.