Equus Mining to Acquire Los Domos Gold-Silver Project, Chile
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Equus Mining Ltd has secured the rights to acquire the Los Domos gold-silver project located in Chile’s XI Region, adjacent to the Cerro Bayo silver-gold mine.
The Cerro Bayo silver-gold mining operations, owned by Mandalay Resources Corp, is currently producing around 30,000 ounces of gold and 3 million ounces of silver per annum.
The Los Domos gold-silver project comprises 4,100 hectares of mining and exploration licenses.
Mapping and geochemical sampling has delineated multiple structural corridors hosting gold-silver bearing quartz veins and hydrothermal breccias (a type of sedimentary rock).
Of the 102 reconnaissance geochemical rock-chip channel samples taken, 17 returned gold assays ranging 0.61 – 110.1 g/t gold, with a weighted average grade of 9.9 g/t gold.
Equus has secured the rights to acquire 100 percent of the Los Domos gold-silver project via an earn-in and purchase agreement with Terrane Minerals SpA.
Under the agreement, Equus will earn a 51 percent interest after funding a program of systematic surface sampling and 2,000 meters of drilling.
Equus has a two-year option to buy the remaining 49 percent interest in the joint venture by issuing Terrane $450,000 worth of Equus shares, at an issue price of $0.012 each.
Importantly, the company has received commitments to raise $1 million from professional and sophisticated investors via a share placement.
Equus will immediately commence field work to better define and extend the known high grade gold-silver mineralization.
Traverses have been planned to carry out continuous channel sampling with a diamond saw across the entire structure associated with gold-silver veins identified to date.
Source: (October 26, 2016) Proactive Investors
About Equus Mining
Equus Mining is focused on identifying and evaluating copper and gold resource opportunities as a precursor to developing new mines in the metal-rich provinces of Chile, South America.
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