Orex Minerals Inc. (Orex), has announced that the company has entered into an agreement (the Letter Agreement) with Pan American Silver Corp., through its subsidiary Plata Panamericana SA de CV (Pan American), regarding the Sandra Escobar Project, in northern Durango (Mexico).
Pan American has recently acquired all of the interests of Canasil Resources Inc. (Canasil) in the Sandra Escobar Project, including the rights and obligations of Canasil under the 2015 agreement between Orex and Canasil (the 2015 Agreement). For further information regarding Canasil's sale of their interests in the Sandra Escobar Project (see Canasil's press release of 28 June 2019).
Pursuant to the Letter Agreement, Pan American and Orex have agreed to negotiate a formal joint venture agreement to replace the 2015 Agreement, and will suspend the operation of the 2015 Agreement until the new agreement is entered into, or until 31 December 2019, whichever is earlier. During the suspension period, the parties will contribute pro-rata towards the cost of maintaining the Sandra Escobar Project in good standing.
Sandra Escobar silver-gold project, Durango (Mexico)
Sandra Escobar is situated north of the town of Tepehuanes, Durango, in the heart of the ‘Mexican Silver Trend’, midway between the mining districts of Tovar and Guanacevi and is 75 km west of Silver Standard's La Pitarrilla. This prolific trend hosts some of the world's largest silver camps and deposits, including Fresnillo, Guanajuato, La Pitarrilla, La Preciosa, Real de Angeles and Zacatecas.
The project consists of the Sandra Property of 6335 ha and Escobar Property of 635 ha of mineral concessions and covers multiple mineralised epithermal quartz veins, disseminated horizons and breccia structures. These veins form a high-level silver-gold-base metals system, hosted in andesitic and rhyolitic rocks, centered on a large rhyolite dome complex in the north and silver systems in smaller rhyolite complexes to the southeast. Intense alteration zones and fluid flooding in permeable formations indicates the presence of bulk tonnage targets. Excellent infrastructure exists in the Sandra Escobar area, including paved road access, electrical power, water and manpower from nearby communities.
Read the article online at: https://www.globalminingreview.com/finance-business/09072019/orex-and-pan-american-join-forces-on-sandra-escobar-project/
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