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GR Silver Mining closes on its acquisition of Marlin Gold Mining from Mako Mining

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GR Silver Mining Ltd (CVE:GRSL) (OTCQB:GRSLF) (FRA:GPE) announced Thursday that it has closed on its acquisition of Marlin Gold Mining Ltd from Mako Mining Corp (CVE:MKO) (OTCQX:MAKOF).

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

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