5th Mar 2024 10:58
Hochschild Mining PLC - Americas-focused precious metals exploration company - Subsidiary Amarillo Mineracao do Brasil Ltda enters into an option agreement with Cerrado Gold Inc, a gold miner operating in North and South America, to acquire a 100% interest in the latter's Monte Do Carmo gold project in central Brazil. The project comprises 21 mineral concessions covering 82,542 hectares, and hosts gold targets including the Serra Alta gold deposit, which holds an indicated resource of 1.0 million ounces and an inferred resource of 66,000 ounces of gold. In exchange, Amarillo Mineracao will advance Cerrado USD15 million by way of a 10% interest-bearing secured loan. It also has agreed to incur at least USD5 million in exploration expenditures during the 12.5 month-period ending March 2025. Read More