The Toronto-based gold explorer will hand fellow Canadian firm Aurania 350,000 widespread shares and a 1% web smelter return (NSR) royalty. Palamina mentioned it has the choice to purchase again half of the NSR for C$1 million ($730,000).
The acquisition of Vicus would give Palamina 100% possession of the Pluma sediment-hosted copper-silver mission, which covers 9,800 hectares north and it’s contiguous to Hannan Metals’s San Martin copper-silver mission, the corporate mentioned.
“Securing the Pluma copper-silver mission will present Palamina shareholders publicity to the San Martin district the place a 3rd drill discovery program is deliberate by Hannan looking for to substantiate a brand new world-class copper-silver district in Peru,” president Andrew Thomson mentioned within the assertion.
Aurania focuses on treasured metals and copper in South America. Its flagship asset, The Misplaced Cities – Cutucu mission, is situated within the Jurassic Metallogenic Belt within the jap foothills of the Andes Mountains in southeastern Ecuador.