Canadian mineral exploration firm Oroco has completed its acquisition of the balance of ownership of Altamura Copper.
Oroco now owns a 100% stake in Altamura and has outright control of the Santo Tomás porphyry copper project in north-western Mexico.
Located in the northern state of Sinaloa in Mexico, the Santo Tomás deposit hosts a porphyry copper deposit comprised of fracture and disseminated copper and molybdenum sulphides, with significant gold and silver credits.
As part of the acquisition, Oroco issued 39.8 million shares to Altamura shareholders.
Oroco CEO Craig Dalziel said: “The Altamura acquisition completes a highly accretive process for Oroco and its shareholders.
“We are now able to fully focus on the development of a significant geological asset which brings with it a very positive local community relationship; exceptional supporting infrastructure; an eager and capable local workforce; and clearly supportive local, regional and federal government agencies.
“The future for Santo Tomás and the surrounding communities is very bright.”
Last month, Oroco’s board of directors approved the exercise of the company’s option to acquire 100% ownership of Altamura Copper.
In July last year, Oroco signed a letter agreement through its wholly-owned Mexican subsidiary Minera Xochipala to acquire an 80% interest in the 766.7ha Rossy mineral concession situated within Oroco’s existing land assembly at Santo Tomas.
In October 2018, Oroco signed a definitive option agreement to acquire the remaining issued and outstanding common shares of Altamura.