Toronto-listed Teck is acquiring a half interest in a privately owned British Columbian company with a gold mine in Mexico.
The major is acquiring 1.5 million shares of Miral Gold for a purchase price of US$3.75 million.
The announcement follows Teck’s having drilled 103 holes totaling 54,120 ft. on the Nukay gold property, southwest of Mexico City.
Miral is currently mining 385 tons per day at a grade of 0.087-0.117 oz. per ton at an operating cash cost of US$200 per oz.
The company will apply US$2.75 million of the share proceeds towards a 2-year exploration program designed to develop the reserve base, with Teck’s Mexican subsidiary acting as operator.
Teck can earn a half interest in Miral Gold upon completing a positive feasibility study and raising sufficient funds to expand the mine. The property hosts gold-bearing, magnetite-rich skarn deposits. Drilling to date has defined 500,000 oz. at an average grade of 0.117 oz. per ton within three deposits. At least four other known mineralized zones remain to be drilled.
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