Peruvian Metals has acquired the remaining 50% interest in the Palta Dorada gold (Au)-silver (Ag)-copper (Cu) property in northern Peru from Rio Silver.
The acquisition of the remaining stake in the Palta Dorada project provides Peruvian Metals with complete control over the property’s high-grade gold, silver and copper mineralisation.
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The deal was signed between the parties in January 2024.
Peruvian Metals previously secured a 50% stake in the property in 2020 by investing $250,000 (C$341,055).
Peruvian Metals’ Aquila Norte flotation plant, which is capable of processing sulphides to produce Cu-Au-Ag concentrate, is situated 120km from the property.
Located in the Ancash mining department, the Palta Dorada property spans approximately 2,250 hectares and boasts accessible routes from the Aquila Norte plant.
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By GlobalDataHowever, the property’s development has faced setbacks, notably the April 2023 flooding caused by El Niño, which severely damaged the access road.
Peruvian Metals is prioritising the construction of a new access road to the underground workings of the Palta Dorada project.
Rio Silver will retain a 3% NSR on mineral sales from the Palta Dorada property, with a cap set at $2m.
Peruvian Metals CEO and director Jeffrey Reeder said: “Peruvian Metals has demonstrated the ability to operate efficiently and effectively in Peru. With full ownership of Palta Dorada, the company will focus on bulk extraction of both oxide and sulphide gold-silver and copper material. Sulphide material will be treated at our Aguila Norte Plant and oxide gold material will initially be sold to local toll mills.
“The company will also start a detailed exploration programme designed to locate and define additional mineralised structure. Our move at this time into the Peruvian gold space is ideal, bolstered by the consolidation of Palta Dorada and strong precious metal prices.”
