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Turmalina Metals Corp.
Summary
| Project: | San Francisco | |
|---|---|---|
| Deposit: | San Francisco | |
| Location: | Argentina | |
| Commodities: | Gold-Silver-Copper-Lead-Zinc-Bismuth | |
| Date: | 8/14/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 14-8-2019: Turmalina Metals Corp. announces a Supporting Acquisition report for its San Francisco deposit at the San Francisco project. Summary of property in support of acquisition. The San Francisco property is a 3,399-hectare property located in San Ju | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Neil Trevor Motton (Flitegold P/L) | |
| ABSTRACT: | The San Francisco property is a 3,399-hectare property located in San Juan Province, Argentina within the Frontal Cordillera mountain chain. The San Francisco project is comprised of two separate sets of tenements that have been farmed in to by Turmalina Copper Corporation (TCC). The smaller group of tenements comprised of 24 hectares and covers the old San Francisco de los Andes mine and the surrounding regional tenements of 3375 hectares owned by the Petra Gold Group. The current owners of the regional tenements (the Petra Gold group), not including San Francisco De Los Andes and Jose Mario tenements, signed in September 2018 an exploration contract which includes the purchase option with Turmalina Copper Corp (TCC). This contract requires 7000 meters of drilling & USD$1,050,000 to be spent over four years, as well as annual option payments amounting to a total of USD$1.46M over four years to acquire 100% of the regional tenements. They also signed a document and handed on the mining authority, in which to authorize the exploration of the mining right to Aurora Mining SA (A 100% Argentine subsidiary of TCC) and the owners are voluntarily inhibited from executing any other act or contract against the mining authority. As a separate contract, the current owners of the San Francisco De Los Andes (Cerro Negro SRL) and Jose Mario tenements (Mr. Ricardo Meritello), signed in September 2018 an exploration contract which includes the purchase option with TCC. This contract requires USD$2,050,000 to be spent over four years, as well as annual option payments amounting to a total of USD$1.445M over four years to acquire 100% of these tenements. They also signed a document and handed on the mining authority, in which to authorize the exploration of the mining right to Aurora Mining SA (A 100% Argentine subsidiary of TCC) and the owners are voluntarily inhibited from executing any other act or contract against the mining authority. | |
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