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Peruvian Metals Consolidates 100% Interest in the Au-Ag-Cu Palta Dorada Project in Northern Peru
Edmonton, Alberta--(Newsfile Corp. - October 7, 2024) - Peruvian Metals Corporation (TSXV: PER) ...
About this update from Peruvian Metals Corp.
[{"type":"text","content":"Peruvian Metals Consolidates 100% Interest in the Au-Ag-Cu Palta Dorada Project in Northern PeruEdmonton, Alberta--(Newsfile Corp. - October 7, 2024) - Peruvian Metals Corporation (TSXV: PER) (OTCQB: DUVNF) (\"Peruvian Metals\" or the \"Company\") is pleased to announce that the Company has completed the purchase of the remaining 50% interest in the Palta Dorada Gold-Silver-Copper property (\"Palta Dorada\" or the \"Property\") located in Northern Peru, resulting in 100% ownership (previously announced on January 15, 2024). Rio Silver Inc. will retain a 3% NSR on mineral sales from the property capped at $2 million US. The consolidation of Palta Dorada provides the Company with a strategic advantage due to the unique high-grade gold-silver mineralization that occurs as both oxides and sulphides. Peruvian Metals' 80% owned Aquila Norte flotation plant is located 120 km northwest of the Property and can process the sulphides creating a highly marketable Cu-Au-Ag concentrate. For the oxide material, the Company will seek to build a Carbon-in-Pulp (\"CIP\") gold ore processing circuit either at Aquila Norte or near the project site at Palta Dorada. In the meantime, the oxide gold material could be sold to various plants in the area for immediate cash flow. The Company has identified potential sites near the Plata Dorada project regarding the proposed gold processing circuit. The Company is currently conducting due diligence with various owners of the land along with stakeholders in the region to determine viability of a new gold circuit. The Palta Dorada Au-Ag-Cu property is in the Ancash mining department in northern Peru and covers an area of approximately 2,250 hectares. The Property is accessible from the Aguila Norte plant by approximately 120 km of mainly paved roadway. The development of the Property has been delayed since April 2023 due to extensive damage to the access road from El Niño flooding. The construction of a new access road to the underground workings will commence shortly and is a priority moving forward.The development work by Peruvian Metals at Palta Dorada concentrated on the main San Juan vein which surface exposure shows at least an 840-metre strike length. Work to date includes a 160-meter access drift on the lower 895-metre level. The Company has also opened and widened a 53-metre shaft where artisana...