Business
Aethon Minerals and AbraPlata Resource Execute Letter Agreement in Respect of the High Grade Diablillos Silver-Gold Project
(via TheNewswire) Toronto, ON / TheNewswire / March 01, 2019 - Aethon Mineral...
About this update from Abrasilver Resource Corp.
[{"type":"text","content":"Aethon Minerals and AbraPlata Resource Execute Letter Agreement in Respect of the High Grade Diablillos Silver-Gold Project(via TheNewswire)\n \n \nToronto, ON / TheNewswire / March 01, 2019 - Aethon Minerals Corp. (\"Aethon\") (TSX-V: AET) and AbraPlata Resource Corp. (\"AbraPlata\") (TSX-V: ABRA & OTCPK: ABBRF) are pleased to announce that they have entered into a binding letter agreement (the \"Agreement\"), whereby Aethon will have the exclusive right for a period of approximately five months to (i) perform technical due diligence on AbraPlata's Diablillos silver-gold project (the \"Project\") in Argentina and (ii) negotiate with AbraPlata the terms of an option or other transaction whereby Aethon could acquire a 50% or greater interest in the Project. SSR Mining Inc. (\"SSRM\") (NASDAQ: SSRM) (TSX: SSRM), the original vendor of the Project to AbraPlata, has indicated its intention to support in principle the transactions to be negotiated by the parties pursuant to the Agreement.\n\n\n \nThe Diablillos project is located in the mining-friendly province of Salta in northwestern Argentina, approximately 150 km southwest of the city of Salta. The Project comprises nine mineral leases acquired by AbraPlata in 2016 from SSRM (formerly Silver Standard Resources Inc.), with multiple known occurrences of epithermal gold-silver mineralization. Exploration work, conducted by a number of operators over the history of the Project, includes approximately 88,000 meters of diamond and reverse circulation drilling in over 475 holes. This drilling has delineated the Oculto and Fantasma deposits, which are weathered high-sulphidation epithermal gold-silver deposits. \n\n\n \nHistorical Mineral Resource estimates for the Oculto and Fantasma deposits on the Diablillos property, based on a technical report dated April 16, 2018, are summarized in Table 1. For purposes of Aethon, the Company is reporting the mineral resource as a Historical Estimate per NI 43-101 - Standards of Disclosure for Mineral Projects. A qualified person for Aethon has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Aethon is not treating the historical estimate as current mineral resources or mineral reserves\n\n\n \nTable 1 - Diablillos Historical Mineral Resource Estimates \n\n \n\nCategory\n\n\n\n\nDepo...