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Heliostar to Acquire a 1.4M Ounce, Permitted Gold Deposit and Option Another 1.7M Ounce Gold Deposit in Mexico
Highlights: Heliostar has entered into definitive agreements with Argonaut Gold to acquire ...
About this update from Heliostar Metals Ltd
[{"type":"text","content":"Heliostar to Acquire a 1.4M Ounce, Permitted Gold Deposit and Option Another 1.7M Ounce Gold Deposit in MexicoHighlights:Heliostar has entered into definitive agreements with Argonaut Gold to acquire the Ana Paula Gold Project and option the San Antonio Gold Project in Mexico.Ana Paula is permitted for an open pit mine with measured and indicated (M&I) mineral resources of 1.46 Moz gold at 2.17 g/t gold and 3.27 Moz silver at 4.8 g/t silver.1San Antonio is a high grade oxide resource containing M&I mineral resources of 1.73 Moz of gold grading 0.83 g/t gold.2The purchase price for Ana Paula is US$10.0M cash. Subsequent milestone payments, are comprised of US$10.0M of cash payments and US$10.0M of cash or share payments.Vancouver, British Columbia--(Newsfile Corp. - December 5, 2022) - Heliostar Metals Limited (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) (\"Heliostar\" or the \"Company\") is pleased to announce that it has entered into a binding share purchase agreement dated December 5th, 2022 (the \"Purchase Agreement\") with Argonaut Gold Inc. (\"Argonaut\") for the sale of all of the issued and outstanding shares of Aurea Mining Inc. (\"Aurea Mining\"), a wholly owned subsidiary of Argonaut, which through Aurea Mining's wholly owned subsidiary Minera Aurea S.A. de C.V. (\"Minera Aurea\"), holds a 100% indirect interest in and to the Ana Paula Gold Project (or \"Ana Paula\") and has also entered into a binding option agreement (the \"Option Agreement\") with Argonaut and its wholly owned subsidiary, Compañía Minera Pitalla S.A. de CV (\"Compañía Minera Pitalla\"), pursuant to which it has been granted an option (the \"Option\") to acquire a 100% interest in the San Antonio Gold Project. Both projects are located in Mexico.Heliostar CEO, Charles Funk, commented, \"The acquisition of this portfolio transforms Heliostar into a mine development company. This is a significant milestone towards our ultimate transformation into a high-margin gold mining company.Upon closing the transactions, our asset base of Ana Paula, San Antonio and Unga will contain 3.2 Moz of gold in the M&I categories and 0.5 Moz of gold in the inferred category. Heliostar now provides multiple unique levers, with two advanced development projects in Ana Paula and San Antonio and the Unga Project, which we continue to believe to ...