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Centenera Mining Signs Option Agreement for Tres Cerros Gold and Silver Properties Santa Cruz Province, Argentina
VANCOUVER, British Columbia, Feb. 11, 2019 (GLOBE NEWSWIRE) -- Centenera Mining Corporation (“Centenera” or the “Company”) - (TSXV: CT, OTCQB: CTMIF) announces
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[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 11, 2019 (GLOBE NEWSWIRE) -- Centenera Mining Corporation (“Centenera” or the “Company”) - (TSXV: CT, OTCQB: CTMIF) announces that pursuant to a previous news release dated September 5, 2018 (NR18-11), the Company has signed three definitive option agreements (the “Option Agreements”) whereby, subject to TSX Venture Exchange approval, Centenera will be granted the right to acquire up to a 100% interest in eight precious metals properties (the “Properties”) from an arm’s length party, Tres Cerros Exploraciones S.R.L (“Tres Cerros”). The Properties are all located within the highly prospective Deseado Massif in Santa Cruz Province, Argentina, and together comprise more than 30,000 hectares. Under the terms of the Option Agreements, Centenera will be granted an exclusive option (the “Option”) to acquire a 100% interest in the Properties by way of staged cash and common share payments, subject to a net smelter returns (“NSR”) royalty in favour of Tres Cerros. The Properties are all located within the prospective Deseado Massif (Figure 1). The Deseado Massif is a Jurassic age volcanic plateau covering 60,000km2 and hosting valuable epithermal precious metals deposits. Figure 1: Location of Santa Cruz Properties relative to mining and exploration projects in Santa Cruz Province It is intended that, moving forward, the Properties will be an exploration priority for the Company. As stated previously, the Company intends to retain a highly experienced consultant who is recognized as a global expert in these types of deposits, and who has specific experience in the Deseado Massif, having completed review work for many of the major mining companies working in the area. If retained, the primary objective of the consultant will be to review each of the Properties on the ground and to rank them in terms of exploration priority. Initial work is anticipated to focus on detailed mapping, where allowed by exposure, ground geophysics and surface geochemistry, and specific exploration recommendations will drive the subsequent programs. The Option Agreements provide that, subject to certain conditions, including TSX Venture Exchange (“TSX-V”) acceptance, Centenera will be granted the Option to acquire a 100% interest in the Properties, subject to a NSR royalty in favour of Tres Cerros. The thre...