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Impact Silver Announces Option Agreement on Nuevo Taxco Silver-Gold Project
Vancouver, British Columbia--(Newsfile Corp. - October 7, 2020) - IMPACT Silver Corp. (TSXV: I...
About this update from Pantera Silver Corp.
[{"type":"text","content":"Impact Silver Announces Option Agreement on Nuevo Taxco Silver-Gold ProjectVancouver, British Columbia--(Newsfile Corp. - October 7, 2020) - IMPACT Silver Corp. (TSXV: IPT) (OTC Pink: ISVLF) (\"IMPACT\" or the \"Company\") announces that it has executed an arm's length Letter of Intent to option the Nuevo Taxco Project (the \"Property\") to Red Oak Mining Corp. (TSXV: ROC.H) (\"Red Oak\") under which Red Oak will undertake exploration of a portion of IMPACT's very large land position in Mexico. CEO and President of IMPACT Silver, Fred Davidson, comments, \"While IMPACT exploration focuses on near-term increases to mine area tonnage and brownfield opportunities, transactions such as this one with promising junior explorers with access to capital allow IMPACT to unlock additional value and exploration upside without time commitment and capital from our team. With over 200 square kilometers of land, we believe we have just scratched the surface and invite a dynamic company such as Red Oak to share our exploration upside. The Taxco area has long been known for its silver-gold potential and is controlled by a major mining group. However the Nuevo Taxco area is beyond trucking distance of IMPACT's processing plants so we have only carried out minimal exploration programs in the area albeit with some very good results. We are excited to be working with the Red Oak team given their group's exploration success in Mexico and look forward to their coming exploration at Nuevo Taxco.\"Under the terms of the agreement, Red Oak may earn a 100% interest in the Property by making certain staged payments to IMPACT and incurring exploration expenditures over a 3-year period as follows: (i) $50,000 in cash and 500,000 Red Oak common shares upon TSXV approval of the Transaction and closing of their financing; (ii) $200,000 in exploration expenditures on or before September 30th, 2021; (iii) $100,000 in cash, 1,000,000 common shares and $400,000 in exploration expenditures on or before September 30, 2022; and (iv) $150,000 in cash, 2,000,000 common shares and $800,000 in exploration expenditures on or before September 30, 2023. IMPACT will retain a 1% NSR on the project that Red Oak may buy back for $1,000,000 CAD. The transaction is subject to TSX Venture Exchange approval. About Nuevo Taxco ProjectThe Nuevo Taxco Project area covers an area of appr...