Colossus Resources Signs Letter of Intent with Austral Gold Limited to Acquire the Calvario and Mirador Copper Porphyry Projects in Chile

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[{"type":"text","content":"Colossus Resources Signs Letter of Intent with Austral Gold Limited to Acquire the Calvario and Mirador Copper Porphyry Projects in Chile\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver,\n \n \n BC -\n \n \n TheNewswire -\n \n \n April 5, 2023\n-\n \n \n Colossus Resources\nCorp.\n \n \n (“\n \n \n Colossus\n \n \n ” or the “\n \n \n Company\n \n \n ”)\n \n \n (TSX-V:CLUS)\n \n \n is pleased\n \n \n to announce it has entered\ninto a Letter of Intent (the “LOI”) dated April 5, 2023 with\narm’s-length parties Austral Gold Limited and its subsidiaries\nMinera Mena Chile Ltda and Revelo Resources Corp. to acquire an\nundivided 100% interest in the Calvario and Mirador projects in the\nRepublic of Chile.  The Company has requested a trading halt, which\nwill remain in effect until lifted by the TSX Venture Exchange.\n \n \n \n \n About the Calvario and Mirador\nProjects (the “Projects”)\n \n \n \n \n The Calvario and Mirador projects are located\napproximately 80 km northeast of the coastal city of La Serena in the\nCoquimbo Region of central-northern Chile in South America.\n \n \n The exploration targets within the Projects are\nprimarily porphyry copper (+/- Molybdenum, +/- Gold) systems.\n \n \n The Projects\n \n \n lie along the\nsouthern extensions of the highly productive Paleocene magmatic belt\nof northern Chile that hosts some of the most important copper and\nprecious metals deposits in the country, such as Spence and Cerro\nColorado (BHP), Sierra Gorda (KGHM) and Relincho/Nueva Reunion\n(Teck-Newmont Goldcorp). The\n \n \n Calvario and\nMirador projects comprise an important strategic land position with\nmultiple copper targets controlled by the same regional thrust\nfaults.\n \n \n The Projects are located approximately\n115 km south of the 50-50 Teck - Newmont Goldcorp’s Relincho/Nueva\nReunion Joint Venture advanced Project, one of the largest undeveloped\ncopper-gold-molybdemum projects in the Americas.\n \n \n \n \n \n \n The\n \n \n Calvario\nProject\n \n \n (see Figure 1) consists of\n \n \n 28 titles\n \n \n (Title\ntype: Exploitation) covering\n \n \n 6,870 hectares\n \n \n . A portion of the Calvario\nProject (2,200 hectares) are subject to a 2% base metals Net Smelter\nRotalty (“NSR”) and ...

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