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Minaurum Acquires Strategic Interest in ASR Resources Corp. via Joint Venture on Adelita Copper-Gold Project
Vancouver, British Columbia--(Newsfile Corp. - March 9, 2021) - Minaurum Gold Inc. (TSXV: MGG)...
About this update from Minaurum Silver Inc.
[{"type":"text","content":"Minaurum Acquires Strategic Interest in ASR Resources Corp. via Joint Venture on Adelita Copper-Gold ProjectVancouver, British Columbia--(Newsfile Corp. - March 9, 2021) - Minaurum Gold Inc. (TSXV: MGG) (OTCQX: MMRGF) (\"Minaurum\") is pleased to announce that it has entered into an option agreement with ASR Resources Corp. (\"ASR\"), pursuant to which ASR can earn an 80% interest in Minaurum's Adelita copper-gold project in Sonora, Mexico. ASR can earn its interest by issuing shares totaling 16% of its post-IPO shares outstanding, making cash payments totaling $75,000 and incurring $3M in work expenditures over 5 years. Minaurum's 20% retained interest will be carried until ASR carries out a total of $4.75M in work expenditures along with completing both a mineral resource calculation in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and a Preliminary Economic Assessment. ASR is a private company founded by Emerging Markets Capital, a Hong Kong based merchant bank responsible for founding and financing Reyna Silver and is a significant shareholder of Cassiar Gold.\"This agreement continues Minaurum's strategy of unlocking the value of its non-core holdings as it continues to focus on and advance the Alamos silver project\", stated Darrell Rader, President and CEO of Minaurum. \"Along with the recently announced Fortuna Silver Mines Inc. agreement on the Taviche project, we anticipate completing additional agreements where Minaurum receives an immediate payout in the form of cash and shares while retaining a direct interest in the ongoing exploration and development of the project.\"Under the terms of the option agreement, ASR must raise a minimum of CAD$4M and go public on the TSXV or CSE via an RTO/IPO. ASR has 12 months from signing the definitive agreement to complete a listing, with a CAD$100,000 penalty if the deadline is exceeded. If ASR fails to go public after 18 months, ASR will return the project to Minaurum in good standing. The Adelita ProjectAdelita is a copper-gold project hosting both skarn and porphyry mineralization located adjacent to Pan American Silver's past-producing Alamo Dorado Silver mine. A total of 5,965 m of diamond drilling has occurred at Adelita resulting in the discovery of several zones of high-grade copper mineralization. (see Minaurum News Releases date...