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Colossus Resources Signs Definitive Agreement with Austral Gold Limited to Acquire the Calvario and Mirador Copper Porphyry Projects in Chile
Vancouver, British Columbia--(Newsfile Corp. - November 16, 2023) - Colossus Resources Corp. &#x...
About this update from Colossus Resources Corp.
[{"type":"text","content":"Colossus Resources Signs Definitive Agreement with Austral Gold Limited to Acquire the Calvario and Mirador Copper Porphyry Projects in ChileVancouver, British Columbia--(Newsfile Corp. - November 16, 2023) - Colossus Resources Corp. (TSXV: CLUS) (\"Colossus\" or the \"Company\") is pleased to announce it has entered into a definitive Option Agreement (the \"Option Agreement\") dated November 15, 2023 with arm's-length parties Austral Gold Limited and its subsidiaries Minera Mena Chile Ltda and Revelo Resources Ltd. (collectively the \"Austral Group\") to acquire an undivided 100% interest in the Calvario and Mirador projects in the Republic of Chile. The transaction is subject to all applicable regulatory approvals, including acceptance by the TSXV and, if required, shareholder approval.The Calvario and Mirador properties (the \"Projects\") are currently 100% owned by the Austral Group which holds the rights to the exploration and exploitation concessions divided into 59 \"mensuras\" (exploitation mining properties) covering a total area of 14,674 hectares. The Projects are located approximately 80 km northeast of the coastal city of La Serena in the 4th Region of Coquimbo of central-northern Chile in South America. The Coquimbo deep sea shipping port is situated approximately 160 km southeast of the Projects. The exploration targets within the Projects are primarily porphyry copper (+/- Molybdenum, +/- Gold) systems. The Projects lie along the southern extensions of the highly productive Paleocene magmatic belt of northern Chile that hosts some of the most important copper and precious metals deposits in the country, such as Spence and Cerro Colorado (BHP), Sierra Gorda (KGHM) and Relincho/Nueva Reunion (Teck-Newmont Goldcorp). The Calvario and Mirador projects comprise an important strategic land position with multiple copper targets controlled by the same regional thrust faults. The Projects are located approximately 115 km south of the 50-50 Teck - Newmont Goldcorp's Relincho/Nueva Reunion Joint Venture advanced Project, one of the largest undeveloped copper-gold-molybdemum projects in the Americas. Colossus' technical Director Ioannis (Yannis) Tsitos states: \"The successful conclusion of the Definitive Agreement for the acquisition of the Calvario and Mirador Projects in Chile signifies an important milestone for Col...