Two Cuban properties have changed hands in a deal signed between Republic Goldfields (VSE) and KWG Resources (TSE).
Under the agreement, which still requires the approval of securities regulators, KWG will buy Republic’s interest outright for US$750,000, half in cash and half in KWG shares. Republic’s joint venture with the Cuban government company Geominera requires the company to bring the project to the point where a deposit has been drilled off, after which the partners each have a 50% working interest.
The Jicotea-Corojo property, situated 400 km southeast of Havana, features several epithermal gold prospects in an area that expands 700 sq. km. Surface sampling and a small amount of drilling have indicated an average gold concentration of 1.62 grams per tonne.
The Puriales concession, in the extreme southeastern part of Cuba, features copper and copper-gold prospects, including the Eleccion copper occurrence, with an average grade of 2% copper, and the Jobito copper-gold occurrence, where trenching has indicated grades of up to 2.4% copper and 7 grams gold over maximum surface widths of 15.8 metres. The concession is 2,010 sq. km in area.
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