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Monarca Minerals Signs Option Agreement to Acquire 100% Interest in San Jose Project in Mexico and Reports on Recent Surface Geophysics Results
Toronto, Ontario--(Newsfile Corp. - June 3, 2019) - Monarca Minerals, Inc. (TSXV: MMN) ...
About this update from Monarca Minerals Inc.
[{"type":"text","content":"Monarca Minerals Signs Option Agreement to Acquire 100% Interest in San Jose Project in Mexico and Reports on Recent Surface Geophysics ResultsToronto, Ontario--(Newsfile Corp. - June 3, 2019) - Monarca Minerals, Inc. (TSXV: MMN) (\"Monarca\" or the \"Company\"), is pleased to announce that it has entered into an Option Agreement to acquire a 100% interest in the 5,580-hectare San Jose Project (the \"Project\") located in Chihuahua, northern Mexico. The Option Agreement is an arm's length transaction. The decision was made to acquire this skarn and potential CRD/porphyry deposit after a surface geophysics program comprised of induced polarization (IP), resistivity, and magnetics survey completed in July and August 2018, discovered very strong IP/magnetic anomalies over a 2.8 km strike length resulting in numerous drill targets. Based on these promising geophysical results and previous chip sampling on the property that resulted in significant gold, silver, copper, zinc and lead results, the Company is currently planning an 18-hole reverse circulation (RC) drilling program to test the strong IP and magnetics anomalies for potential precious and base metals at depth. The San Jose Option AgreementIn order to acquire a 100% interest in the San Jose Project, Monarca will pay a total of USD$150,000 to the mining concession owners (the \"Owners\") and the Agreement includes a 2% Net Smelter Return (NSR) royalty upon reaching commercial production. The Company has the right to purchase one percentage point (1%) of the royalty through a single payment of USD$100,000 made to the Owners after the first year of commercial production.SCHEDULE OF PAYMENTSDue DatesCash Payments (US Dollars)Paid to date$40,00012 months after signing of Option Agreement50,00024 months after signing of Option Agreement$60,000TOTAL$150,000 Monarca's President and CEO, Carlos Espinosa, stated: \"We are very excited about the San Jose Project. The work on the project to date indicates that it has significant potential and we were able to obtain the right to acquire 100% of the project on terms that are very favourable for Monarca. This project could mark the new era of Monarca Minerals.\"San Jose Technical Summary and 2018 Geophysics ProgramThe San Jose Property is comprised of three mining concessions (5,580 hectares in size) located in Chihuahua, Mexico near ...