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AsiaBaseMetals Announces Option Agreement to Acquire 70% Interest in Paisano Project - 2,700 Hectares in the La Libertad District, Peru
Vancouver, British Columbia--(Newsfile Corp. - June 9, 2022) - AsiaBaseMetals Inc. (TSXV: A...
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[{"type":"text","content":"AsiaBaseMetals Announces Option Agreement to Acquire 70% Interest in Paisano Project - 2,700 Hectares in the La Libertad District, PeruVancouver, British Columbia--(Newsfile Corp. - June 9, 2022) - AsiaBaseMetals Inc. (TSXV: ABZ) (\"AsiaBaseMetals\" or the \"Company\") is pleased to announce that it has entered into an option agreement with Regency Silver Corp. (\"Regency Silver\") (TSXV: RSMX) and its Peruvian subsidiary, to acquire a 70% interest in the Paisano Gold Project, covering approximately 2,700 hectares in the prolific La Libertad Mining District, a district hosting several precious metals deposits, in North-Central Peru (the \"Property\"). The Property is in immediate proximity to various operating mines within a 5 km radius, including Lagunas Norte (a former Barrick Mine) and La Arena, a mine owned by Pan American Silver Corp. Other mines within a 30km radius of the Property include Pan American Silver's Shahuindo open pit mine.Raj Chowdhry, CEO, stated: \"We are excited to enter into this Option Agreement, allowing the Company to enter the mining sector in the South American region, and to further develop and build our presence in the region. This will allow us to continue to create and seize further opportunities. The Paisano Project allows the Company immediate access to one of the highest rated mining regions, not only in Peru but the world. I'm sure that with the continued support of our shareholders, the Company's entry into Peru will be rewarding. We look forward to jointly developing the Paisano Project, in the prolific La Libertad District.\" Bruce Bragagnolo, Regency Silver's Chairman, stated: \"We are pleased to enter into this Option with AsiaBaseMetals Inc. which will allow us to jointly unlock the potential of the Paisano Project. When standing on a high point of land in this prolific mining district in Peru you can see multiple large open pit mining projects. The proximity of the Paisano Project to such large mines as Lagunas Norte and La Arena is indicative of the potential of this project.\"Property Option TermsAsiaBaseMetals may earn a 70% interest in the Property by making cash payments to keep the Property in good standing of approximately US$3 per hectare over the next three years commencing in 2023, issuing to Regency a total of 250,000 common shares over three years; and incurring at least CDN...