Mantaro Precious Metals has acquired two highly prospective licences, the East Trend and Media Sur properties, in the San Ramon Greenstone belt of Bolivia, from Jacob Garland.
Under the agreement, which was announced last month, Mantaro has acquired all of the shares of Bolivian company Minera Meranti, which owns the East Trend and Media Sur licences.
In exchange, Mantaro issued two million common shares at $0.05 a share, for a deemed value of $100,000.
Mantaro stated Jacob Garland will be “entitled to a payment equal to $3 for every ounce of gold and/or gold equivalent of measured resource, indicated resource or inferred resource, or any combination thereof, on the mineral rights above 500,000oz of gold and/or gold equivalent”.
Located within the San Ramon gold-producing district, the 2,650-hectare (ha) East Trend property covers faulted greenstone terrain, which forms the eastern extension of the La Cruz Gold trend, a striking gold mineralised zone.
According to recent activity by small-scale miners, the property holds a potential gold mineralised trend that continues to the south-east of the East Trend property.
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Centred on the underexplored southern arm of a highly gold prospective metasedimentary-metavolcanic faulted greenstone belt, the 4,750ha Media Sur property is situated along the same broad structure as two large orogenic gold systems, Medio Monte and La Lupa.
Mantaro owns gold and silver-focused mineral properties in Bolivia and Peru. In Bolivia, the company holds an option to acquire up to an 80% interest in the advanced Golden Hill orogenic gold property.
The company owns a 100% interest in the high-grade Santas Gloria silver property, among others in Peru.