Centenera Signs LOI to Acquire El Quemado Pegmatite Project, Salta Province, Argentina

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[{"type":"text","content":"Centenera Signs LOI to Acquire El Quemado Pegmatite Project, Salta Province, Argentina(via Thenewswire.ca)\n \n \nVancouver, British Columbia / TheNewswire / June 7 2016 - Centenera Mining Corporation (the \"Company\" or \"Centenera\") - (TSXV: CT), reports that it has signed a Letter of Intent (\"LOI\") with an arm's length individual (the \"Vendor\") to acquire the El Quemado Tantallum-Niobium-Bismuth-Lithium Pegmatite Project (\"El Quemado\" or the \"Project\") in Salta Province, northwest Argentina. Under the terms of the LOI, Centenera will have an option (the \"Option\") to acquire a 100% interest in the Project, subject to a 2% net smelter return (\"NSR\") to be granted to the Vendor, over a 24-month period (the \"Option Period\") in consideration for issuing 2.5 million common shares of the Company. In exploring the property, Centenera will primarily evaluate tantalum and lithium mineralization, while evaluating other potential by-product outputs such as bismuth. \n\n \n \nProject Details\n\n \n \nThe Project area is located in Salta Province, approximately 80km west of the city of Salta (Figure 1) and consists of 7,959 hectares in 19 claims (Figure 2). The El Quemado pegmatite is part of the El Quemado pegmatite field, at the northern end of the Pampean pegmatite province. Several known pegmatite occurrences are located within the Property, most of which have seen some historical exploitation. \n\n \n \nThe Project includes the historic El Quemado small-scale mine, a former Tantalum-producing operation where Minera Anzotana Co. produced Niobium-Tantalum concentrates and Bismuth concentrates. Historical records indicate that tantalum-niobium oxide concentrate grades ranging from 7.16% to 53.85% (average 39.65%) tantalum and from 3.7% to 69.14% (average 20.98%) niobium in 11 concentrate shipments. Bismuth concentrate from 2 shipments graded 52.85% and 70.07% (average 61.46%). Historical production was achieved mostly through open-cuts with some underground adits, hand selection of mineralized material, and upgrading through rudimentary grinding and jigs. Historical concentrate grades indicate that historically, mineralized material of unknown in-situ grade was successfully upgraded to a saleable concentrate product. \n\n \n \nDespite historical production, no systematic modern exploration has been undertaken and the occur...

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