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Argentum Secures the Cochavara Silver-Lead-Zinc Project in Northern Peru
Toronto, Ontario--(Newsfile Corp. - January 9, 2020) - Argentum Silver Corporation (TSXV: ASL)...
About this update from Argentum Silver Corp.
[{"type":"text","content":"Argentum Secures the Cochavara Silver-Lead-Zinc Project in Northern PeruToronto, Ontario--(Newsfile Corp. - January 9, 2020) - Argentum Silver Corporation (TSXV: ASL) (\"Argentum\" or the \"Company\") is pleased to announce that the TSX Venture Exchange Inc. (the \"Exchange\") has accepted for filing an amalgamation agreement between Argentum Silver Corp. and Norsemont II Resources Corp. (\"Norsemont\"), a private British Columbia company, dated May 27, 2019 (the \"Agreement\"). Norsemont owns a 100% interest in the Cochavara Silver-Lead-Zinc Project (the \"Cochavara Project\") in Northern Peru. Pursuant to the terms of the Agreement, Argentum will acquire all the issued and outstanding securities of Norsemont in exchange for 2,777,778 common shares in the capital of Argentum. In addition, holders of convertible securities of Norsemont will receive 400,000 common share purchase warrants of Argentum, each warrant entitling the holder thereof to acquire a common share at an exercise price of $0.25 per common share on or before the date that is three years following the closing of the proposed transaction. The completed amalgamation was a related-party transaction with Sprott Mining Corp., a company controlled by Eric Sprott, as a control person of both Argentum and Norsemont.The Cochavara Project consists of six concessions totalling 3,479 hectares located in the Department of La Libertad in Northern Peru, approximately 70 kilometres east of the city of Trujillo. The historical Quiruvilca silver/lead/zinc mine (\"Quiruvilca\") is located 3.5 kilometres northeast of the northern boundary of the Cochavara Project area. Quiruvilca is a large polymetallic vein deposit with over 130 different mineralized structures. Both Cochavara and Quiruvilca are located within the Mid-Miocene Calipuy volcanic complex that hosts several world-class precious metal deposits such as Newmont's Yanacocha and Barrick's Pierina gold mines, which are located approximately 120 kilometres north and 180 km southeast of Cochavara, respectively. Mineralization hosted at Quiruvilca, Yanacocha and Pierina is not necessarily reflective of the mineralization that may be hosted on the Cochavara silver-lead-zinc project.According to Bartos (1984), mineralization at Quiruvilca is controlled by a series of east-northeast-striking polymetallic (silver/lead/zinc) vein swa...