Business
Mogotes to Acquire 100% of Argentina Land Package
Toronto, Ontario--(Newsfile Corp. - February 11, 2025) - Mogotes Metals Inc. (TSXV: MOG) (FSE: O...
About this update from Mogotes Metals Inc.
[{"type":"text","content":"Mogotes to Acquire 100% of Argentina Land PackageToronto, Ontario--(Newsfile Corp. - February 11, 2025) - Mogotes Metals Inc. (TSXV: MOG) (FSE: OY4) (\"Mogotes\", or the \"Company\") announces the signing of an agreement with Golden Arrow Resources Corp (\"Golden Arrow\") on February 10th, 2025 to amend the previously executed earn-in agreement covering the Argentine land package of Golden Arrow's Filo Sur project. Under the amended terms, Mogotes has the option to acquire a 100% interest in the project by providing a total of C$1 million (in cash and through a private placement) plus approximately C$3.1 million in Mogotes common shares, of which C$1.5 million is deferred by 12 months, and granting a 1.5% net smelter returns royalty (\"NSR\") on the project, of which 0.5% can be repurchased by Mogotes. CEO, Allen Sabet, said: \"Upon completion, this amended agreement will grant us full ownership of key exploration ground in Argentina, positioning the Company with multiple strategic options in the event of a discovery. We remain confident in this region's importance, given its strong track record for copper discoveries over the past decade. By securing and consolidating the Vicuña district trend, we have strengthened Mogotes Metals' foothold in a premier copper exploration corridor. To date, Mogotes has systematically assembled approximately 10,000 hectares at our Filo Sur project, which hosts the southern extension of the Vicuña Belt (Figures 2a and 2b).\"Additionally the recently optioned CMP claims (TSXV: MOG) (January 15th 2025. Vicuña District Consolidation: Mogotes Signs Option on Exploration Claims Adjoining Filo Del Sol with CMP) host the direct southerly projection of the Filo Del Sol - Tamberas alteration trend and the intersection with the large transorogen Macho Muerto Fault zone, that management believes may play an important role in localizing mineralization at the Filo Sur Project (Figure 1b). Key Terms of the Amended OptionUpfront Cash Payment:Mogotes will pay $550,000 in cash to GRG within five days of receiving conditional approval from the TSX Venture Exchange (\"TSXV\").Strategic Investment in GRG:Mogotes will invest $450,000 in GRG via a private placement, subscribing for GRG units (\"GRG Units\") priced at the greater of $0.05 or the maximum discounted price permitted by the TSXV. Each GRG Uni...