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Tocvan Ventures Announces LOI to Acquire 100% Interest in Pilar Gold - Silver Expansion Area
Increases Pilar District Land Holdings Significantly by 21.7 km2 Highlights New Area Totals 2,172.7 ha Across Three Title Blocks Adjacent to Pilar Gold - Silver
About this update from Tocvan Ventures Corp.
[{"type":"text","content":"Increases Pilar District Land Holdings Significantly by 21.7 km2 Highlights New Area Totals 2,172.7 ha Across Three Title Blocks Adjacent to Pilar Gold - Silver Project District Has Never Been Consolidated for Systematic Gold-Silver Exploration Geology and Recent Placer Mining Suggest Area Highly Prospective for Gold, Silver and Copper Provides Significant Increase to Land Position Available for Development Infrastructure Increases Resource Potential for a New Pilar Gold -Silver District Video Update Link: Calgary, Alberta - TheNewswire - July 27, 2023 - Tocvan Ventures Corp. (the “Company”) (CSE:TOC) (OTC:TCVNF) (FSE:TV3), is pleased to announce it has entered into a binding Letter of Intent (LOI) with a private title owner for the 100% acquisition of 2,172.7 ha immediately adjacent and north of its Pilar Gold-Silver Project Sonora, Mexico. The area includes highly prospective zones that have seen limited exploration to date, however recent placer mining suggests untested gold and silver potential (see figure 1.). Prior to closing a Definitive Agreement, the acquisition is subject to a 60-day due diligence period effective July 25, 2023. “This is a Company changing event that provides us access to what we believe is a highly prospective area adding significantly to the development potential of Pilar.” Stated Brodie Sutherland, CEO. “Applying the knowledge we have gained from evaluating Pilar over the last few years gives us a huge advantage in quickly defining new areas of mineralization that can not only expand Pilar but also identify the potential for a new Gold-Silver District in Sonora. The addition also provides us ample space for future mine development infrastructure that will greatly reduce future capital expenditures. We feel this acquisition will make Pilar standout as an emerging exploration district and recent placer mining in the area suggests there is much more to be discovered. The consolidation of the district will no doubt draw even more attention from the major producers of the region as we continue to advance Pilar toward production.” Figure 1. Pilar Expansion Area in Red Terms of the Agreement Total cash payments of $4 million USD and 2.5 million in common shares will be issued over the 5-year term of the agreement. A total minimum work commitment of $1 million USD is con...