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Formation of Precious Metals Mining JV, Peru
Formation of Precious Metals Mining JV, Peru.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (\"MAR\"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n1 July 2024\nEcho Energy PLC\n(\"Echo\" or the \"Company\")\nFormation of Precious Metals Mining JV, Peru\n \nPhase I development targeting mining revenues by Q4 2024\n \nEcho (LON:ECHO), the Latin America focused natural resources company, is pleased to announce that its wholly owned subsidiary, Echo Natural Resources Limited, has entered into a shareholders joint venture agreement regarding a 50:50 joint venture company in Peru with the founding partners of Boku Resources SAC (\"Boku\" or the \"JV\"), to participate in the interests of Boku, being gold and silver mining and the cleaning of known tailings deposits containing gold and silver in Peru (the \"JV Agreement\").\n \nThrough Boku, Echo has secured an opportunity to scale operations in Peru, with experienced local partners, producing gold and silver through primary mining and tailings cleaning, owning 50% of the production and potential resources.\n \nAny references to resources in this announcement are solely an internal estimate at this stage. Such estimates do not constitute resources as defined by any specific mining code (such as JORC) and there is no guarantee that they ever will do.\n \nHighlights\n \nTesoro Gold Concession\n \n· Boku intends to establish formalised artisanal and small mining (\"ASM\") operations on its 100% held Tesoro Gold concession, southern Peru.\n· Early cash flow generation - Phase I development targeting mining revenues by Q4 2024 from an initial 147 oz/month of gold production (estimated) through an existing plant, operated by a third party.\n· Tesoro has quartz-gold veins hosted in intrusive rocks with grades of 5-15 g/t Au with certain other zones of >30 g/t Au.\n· Internal estimates suggest approximately 150,000 t with an average grade of 15 g/t Au for 73,000 oz Au. \n \nTailings Cleaning\n \n· Boku also aims to build a ...