Aurion Resources Purchases Two Mexican Projects
Aurion Resources has signed agreements with two private mineral exploration companies to acquire two gold-silver projects in Mexico. The deal includes the 17,000ha Tango project, which is located 25km north-east of the historic Rosario gold mines, and the smaller La Bandera project loca
Aurion Resources has signed agreements with two private mineral exploration companies to acquire two gold-silver projects in Mexico.
The deal includes the 17,000ha Tango project, which is located 25km north-east of the historic Rosario gold mines, and the smaller La Bandera project located north of Durango City.
The Tango property contains a porphyry copper-gold target and three epithermal gold-silver prospects.
The company plans to implement surface mapping, prospecting and a soil and rock sampling programme to exploit these prospects and generate new targets on the project.
Under the agreement, Aurion can obtain a 100% stake in the Tango Property from Minera Camargo through a cash payment of $315,000 and the issuing of 300,000 common shares. It must also complete $1.1m in exploration expenditures over four years
The La Bandera property hosts a 40m to 120m-wide, 15km-long epithermal gold-silver vein system that has only had limited previous exploration, the company said.
Aurion will acquire La Bandera from La Cuesta International through minimum option payments beginning at $5,000 starting in October 2009 and continuing biannually. This will increase to $20,000 from April 2013 and it must also issue 70,000 Aurion shares.