As consideration for all the issued and outstanding shares of Marlin, GR Silver said it will pay C$50,000 to Mako while Oro Gold de Mexico will grant Mako a 1% net smelter return (NSR) royalty on the concessions owned by Oro Gold.
Oro Gold owns the La Trinidad mine facilities that are currently being decommissioned and controls over 100% of nine concessions totaling 104,094.5 hectares adjacent to GR Silver’s existing portfolio of properties.
READ: GR Silver Mining expands high-grade silver-gold bulk tonnage zones at Plomosas mine area ahead of resource estimate
GR Silver and/or Oro Gold will be granted the right to purchase the NSR at any time upon making a one-time payment of US$2 million, according to a statement.
In addition, GR Silver said Mako shall be responsible for and shall pay all costs related to the closure plan activities at La Trinidad.
All proceeds from the lawsuit Mako and Oro Gold have filed against their insurers and reinsurers related to damages from Hurricane Willa will be for the benefit of Mako, and Mako will be responsible for the costs of this litigation, according to a release. Oro Gold will take on the responsibility of all outstanding mining duties owed on the concessions.
The Trinidad Mine operated from 2014 until 2019, and was considered to be one of the highest-grade open-pit heap-leach gold mines in Mexico during this period, according to the company.
“With this exciting acquisition, GR Silver Mining becomes the first company in the history of the Rosario Mining District to control 100% of the key Ag-Au assets, including two past-producing mines – Plomosas and La Trinidad – as well as the San Marcial Project,” said GR Silver CEO Marcio Fonseca.
“Acquisition of the Marlin portfolio strengthens our position in the region and our control of the mineralized trends on the eastern border of the Rosario Mining District. We now control three highly prospective, regional mineralized trends totaling 75 km combined length with at least 24 old workings/shallow mines already identified for future drilling.”
Fonseca added: “This acquisition is in line with our long-term strategy, as presented to investors since listing just three years ago, and is consistent with our desire to control 100% of the most important silver and gold assets in the Rosario Mining District, Sinaloa, Mexico. This acquisition continues our objective to deliver significant shareholder value through new discoveries and continuous resource expansion.”
Contact the author: [email protected]
Follow him on Twitter @PatrickMGraham
Story by ProactiveInvestors
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 888-809-8385 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
pathogens and gives you more
energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video)
Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.