Canada’s Luca Mining has acquired a 100% interest in the Humaya 3 mining concession from Minera Mexicana La Ciénega, a subsidiary of Fresnillo.
The concession lies adjacent to the company’s Tahuehueto Mine in Durango, Mexico.
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This move expands Luca’s mining operations in the region, increasing its land holdings by more than 25% to roughly 10,000 hectares (ha).
The Humaya 3 mining concession, which spans 2,507ha, was secured for a cash consideration of $400,000 (C$550,000).
No net smelter return royalties are associated with the acquired concession.
Luca CEO Dan Barnholden said: “Acquiring this strategic mining concession, which directly surrounds our Tahuehueto Mine, aligns with our growth strategy as we add value to our assets. Luca will continue to demonstrate our ability to increase shareholder value through our commitment to exploration and discovery programmes. This ground will play a key role in our near-term exploration strategy at Tahuehueto as we expand our exploration efforts.”
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By GlobalDataThe Tahuehueto Mine, spanning 100km² in Durango, commenced commercial production earlier this year.
Tahuehueto hosts epithermal gold and silver “vein-style mineralisation”.
Luca vice-president of exploration Paul D. Gray said: “The Humaya 3 mining concession surrounds the Tahuehueto Mine and with this acquisition we have significantly increased both the size and exploration potential of our mineral tenure at Tahuehueto.
“Known veins hosting our current mineral resources are interpreted geologically to extend along strike both to the north-east and the south-west onto this newly acquired concession. In particular, the Santiago vein, which hosts mineral resources and reserves at the mine and is the focus of our current surface drilling programme, extends to the north-east directly onto this ground and represents a high-priority drill target.”
