Junior Sulliden Exploration (SUE-M) has entered into an agreement with two Peruvian companies to acquire the 8,800-ha Huaquillas gold project in northern Peru.
The Rouyn-Noranda, Que.-based company must make payments totalling US$180,000 by May 15, 1997, as well as spend US$505,000 on diamond drilling and trenching. Financing for the acquisition and development will come from a $5-million private placement to European investors.
Situated 200 km north of the Yanaccocha mine (the largest gold mine in South America), the Huaquillas project contains several epithermal gold zones hosted in the Oyotun volcanic formation. The main mineralized resource is in the Socavanes zone, which contains 2.5 million tonnes grading 2.69 grams gold and 27 grams silver per tonne.
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