El Gato, a silver property in central Mexico, is now controlled by Silver Standard Resources (VSE).
The company is acquiring the property in return for spending US$1 million by January, 1999, and meeting option payments of US$3,000 per month, starting in January, 1995, and increasing to US$6,000 in January, 1997. The vendor retains a 2.5% net smelter return royalty.
El Gato comprises 245 hectares and lies 25 km east of the Real De Angeles mine, a 200-million-oz. silver deposit and one of Mexico’s largest producers. Silver Standard plans to focus on El Gato’s bulk-tonnage potential. Preliminary sampling from altered areas returned 110-140 grams silver per tonne and the company plans to evaluate further the near-surface potential.
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