Business
Quimbaya Gold Announces Letter of Intent and Convertible Loan Agreement
VANCOUVER, BC, May 15, 2023 /CNW/ - Quimbaya Gold Inc. (CSE: QIM) ("Quimbaya") is pleased to announce that it has entered a letter of intent (the "LOI") with Re
About this update from Quimbaya Gold Inc
[{"type":"text","content":" VANCOUVER, BC, May 15, 2023 /CNW/ - Quimbaya Gold Inc. (CSE: QIM) (\"Quimbaya\") is pleased to announce that it has entered a letter of intent (the \"LOI\") with Remandes Corporation S.A. (\"Remandes\") whereby Quimbaya will acquire all the issued and outstanding shares (the \"Shares\") of Explogold Ingenieria y Consultoria S.A.S., Minera Buey Aures S.A.S. and Soluciones Ambientales Del Nordeste S.A.S. (collectively, the \"Companies\") by way of share purchase agreement or other structure as otherwise determined by Quimbaya (the \"Transaction\"). The Companies are 100% owners of two projects, the Tahami and the Maitamac projects, both located in Antioquia Department of Colombia, and are well established mining camps in a promising region for new gold discoveries. The Properties' Highlights The Tahami Project is located 158 kilometers northeast of Medellín in the Segovia-Remedios mining district of Antioquia, in the most prolific gold region of Colombia which hosts several multi-million-ounce high-grade gold operations such as the Segovia mines that has been producing gold for more than 150 years. The Tahami Project consists of two titles covering approximately 622 Ha, located approximately 25 kilometers northeast of the producing Segovia gold mines (owned by Aris Mining) and 8 mining applications covering approximately 3,605 Ha. The property is easily accessible and hosts multiple gold occurrences defined by artisanal adits located near a regional scale structure known as the El Bagre fault. Gold and silver mineralization occurs in steeply dipping quartz-sulfide sheeted veins hosted by granodiorite of the Segovia Batholith. The property has never been drilled and shows excellent potential to uncover high grade gold and silver mineralization. The Maitamac Project is located 45 km southwest of Medellín in the Abejorral and Sonson municipalities known for gold and silver artisanal mining towns. The property consists of 6 mining applications covering approximately 26,102 Ha and easily accessible. The property is mostly covered by the Cajamarca geological Complex hosting several gold occurrences and high-grade gold mines. Quartz-Sericite-Graphitic Schist as the preferred host rocks for gold were recently found on the property. Inside the project, many dredging artisanal mines were noted in several creeks. The source of th...