Belararox Limited (ASX:BRX) has entered into a binding agreement to acquire 100 per cent of the shares in the entity that holds the Toro-Malambo-Tambo (TMT) base metals and copper-gold porphyry project in Argentina.
As part of the broader transaction, Belararox will enter into royalty deeds with Fomo Ventures No 1 Pty Ltd with respect to a 1 per cent net-smelter royalty, and a services agreement with Condor Prospecting Australia to provide exploration in Argentina and marketing services.
The project is in an excellent neighbourhood with existing infrastructure – Barrick has operations 10 kilometres to the south, while Lundin is 40 kilometres to the north.
The TMT project has had 22 holes drilled, eight of which were diamond drill and 14 reverse circulation drill holes.
Results included:
- 24 metres at 2.4% zinc, 38.8ppm silver, 0.18ppm gold and 0.07% copper from 24 metres; and
- 60 metres at 2.4% zinc, 118ppm silver, 0.32ppm gold and 0.28% copper from 114 metres.
Trenching of 8,700 metres also returned grades up to 13.3% zinc, 1,980ppm silver, 2.56ppm gold, 1.9% copper and 12.1% lead.
Reneowned exploration geologist Jason Ward is to lead the exploration management team in Argentina for Belararox – he is based in Argentina and has a team of geologists and other professionals in the country.
Ward (through his company Condor Prospecting) has agreed to accept up to US$1 million in Belararox shares as payment.
Belararox Managing Director Arvind Misra said: “We are proud to announce our TMT Argentinian Project acquisition has been executed, creating a game-changing dynamic for Belararox.
“The project is located in what the Fraser Institute considers the most mining friendly jurisdiction in the world.
“The TMT project also had 22 holes drilled at the project, with results strongly indicating significant zinc mineralisation.
“Bringing all of these elements together is our partnership with renowned exploration geologist Jason Ward who has agreed to lead the exploration management team.
“His agreement to accept payment in Belararox shares further proves the true value of the TMT Project acquisition.”
