Anacortes Mining acquires Tres Cruces surface rights and drill data as option agreements with MBM terminate – Proactive Investors USA

CEO Jim Currie says the company is moving forward with the planning of a drill program to provide further information for the feasibility study on the oxide resource while further exploring high-grade gold discovered at depth

() said it has resolved all outstanding issues with Minera Boroo Misquichilca SA (MBM).

Furthermore, Anacortes said it has completed the transfer of ownership of surface rights, drill core, and all related data associated with its 100%-owned Tres Cruces project in north-Central Peru, which is about 10 kilometres (km) south of Barrick's past-producing Lagunas Norte operation.

Subsequently, MBM (formerly Minera Barrick Misquichilca)has no further rights related to Tres Cruces.

"This is an important step in advancing the Tres Cruces project as now all mineral claims, surface rights, core, reverse circulation pulps and rejects as well as the entire exploration database are completely under the ownership of Anacortes, said Anacortes CEO Jim Currie in a statement.

This will allow us to move forward with the planning of a drill program aimed at providing further information for the Feasibility Study on the oxide resource at Tres Cruces, while further exploring the high-grade gold discovered at depth, not included in initial resource estimates."

Going all the way back to May 2002, Anacortes subsidiaryNew Oroperu Resources Inc. granted an option to MBM to earn up to 70% of the equity in Aurifera Tres Cruces S.A. (ATC), a New Oroperu (now an Anacortes) subsidiary conducting exploration activities on the Tres Cruces project owned by ATC. In 2006, to enable MBM to conduct exploration activities on the Tres Cruces, ATC assigned the project to MBM.

Under the terms, Anacortes said MBM was required to make a production decision in respect of the Tres Cruces project on or before December 31, 2020, and if it did not do so, New Oroperu had the right to terminate. Similarly, the Mining Assignment Agreement expired by its terms on December 31, 2020.

The Mining Assignment Agreement further provided that promptly following expiration, MBM would assign to ATC any surface/access rights to the Tres Cruces project. MBM did not make a production decision on or before December 31, 2020.

On October 18, 2021, following the acquisition of New Oroperu by Anacortes Mining Corp., MBM, Anacortes and its subsidiaries (including ATC) confirmed that all agreements have been terminated and MBM has transferred to ATC the surface/access rights to the Tres Cruces project in exchange for payment to MBM of US$1,620,709.

Tres Cruces is one the highest-grade, undeveloped gold oxide deposits globally with a leachable gold resource of 630,000 ounces grading 1.3 grams per ton (g/t) contained within a larger indicated gold resource of 2,474,000 ounces grading 1.65 g/t gold and an inferred resource of 104,000 ounces grading 1.26 g/t gold.

Tres Cruces is strategically located in a highly prospective geological belt that hosts such significant gold deposits as Yanacocha, Lagunas Norte, and Pierina.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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Anacortes Mining acquires Tres Cruces surface rights and drill data as option agreements with MBM terminate - Proactive Investors USA

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