Barranco Gold Mining has concluded its acquisition of 16 mineral claims in the Reserve Island area of Ontario, Canada.

The claims were purchased from Sprout Capital Corp., thereby increasing the company's land holdings in a region known for its historical mining activities and exploration opportunities.

The Reserve Island area, located in north-western Ontario, is recognised as a prominent site for exploration, particularly for high-grade gold and base metal deposits.

This acquisition provides potential synergies with exploration targets nearby.

The company intends to undertake detailed mapping of the newly acquired claims, assess historical data, and explore options for initial exploration and sampling activities in the coming months.

Additional updates will be shared as developments occur.

The Canadian Securities Exchange has not evaluated the merits of the matters discussed in this announcement and has neither approved nor disapproved the content of the news release.

Barranco Gold Mining CEO Reno Calabrigo said: “The acquisition of these claims is a strategic step in strengthening our exploration portfolio in Ontario.

“We look forward to further evaluating this new land package and planning the next steps for future work.”

Meanwhile, in a separate development in Ontario’s mining sector in June, Cyclic Materials announced a $25m (C$34.04m) investment to set up a rare earth recycling facility in Kingston.

The facility will feature Cyclic Materials’ first commercial hub processing unit, leveraging the company’s proprietary REEPure technology.