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Minaurum Renegotiates Terms of Biricu Gold Project
Vancouver, British Columbia--(Newsfile Corp. - January 20, 2021) - Minaurum Gold Inc. (TSXV: M...
About this update from Minaurum Silver Inc.
[{"type":"text","content":"Minaurum Renegotiates Terms of Biricu Gold ProjectVancouver, British Columbia--(Newsfile Corp. - January 20, 2021) - Minaurum Gold Inc. (TSXV: MGG) (OTCQX: MMRGF) (\"Minaurum\") is pleased to announce that it has entered into an agreement with its underlying Royalty Holder (\"RH\") on the Biricu Project (\"Biricu\") located in the Guerrero Gold Belt (\"GGB\"), Mexico. Minaurum has been provided with both a limited time option to repurchase a portion of the NSR along with eliminating the outstanding Bankable Feasibility Study payment on Biricu in exchange for issuing 100,000 common shares to RH.The Biricu project is surrounded by major mining companies including Equinox Gold, Torex Gold, Agnico Eagle and Osisko Development Corp (see Figure 1). Biricu exhibits typical GGB host rocks cut by intrusive rocks identical to those seen in the neighbouring Los Filos Mine and nearby Media Luna deposit. Work completed to date includes mapping, sampling, VTEM airborne magnetic and electromagnetic survey and approximately 9500 metres of drilling. Drilling has focused on 3 principal target areas, the most important of which, Punto Rojo, is an intrusive-diatreme complex with associated hornfelsed and mineralized Mezcala sediments where one hole intercepted 26.98 m grading 1.07 g/t Au (Hole GV2014-011) (see Guerrero's News Release dated January 26, 2014). Diorite and granodiorite dikes, sills, and stocks, and a deep skarn intercept in the Mezcala-Morelos transition zone, were encountered in several holes at Punto Rojo and the system remains largely untested both at depth and in multiple directions. Multiple outlying target areas defined by mapping and geophysics remain untested.\"We would like to thank the Royalty Holder for working with us to improve the viability of the Biricu project,\" stated Darrell Rader, President and CEO of Minaurum. \"We look forward to unlocking the value of our significant but undervalued holdings located in the heart of the Guerrero Gold Belt.\"Acquisition TermsUnder the terms of the Amending Agreement, Minaurum will receive a limited time buyback option to purchase one-half of the 2% Net Smelter Royalty (which would result in the Royalty being reduced to 1% of net smelter returns) by way of cash payment as follows:$500,000 if the NSR Repurchase Option is exercised on or before December 31, 2023;$750,000 if the NSR R...