Greystar Resources agrees option deal to buy La Plata property in Colombia
24 November 2009
Greystar Resources has agreed a deal which could bolster its land holding around its flagship Angostura gold and silver deposit in Colombia.
The company has entered into a binding purchase agreement with Sociedad Minera La Plata Ltda, a private Colombian company, for an exclusive option to acquire a 100% working interest in the La Plata property.
La Plata comprises 78 hectares of mineral rights situated to the south-west and along strike of Ventana's La Mascota discovery and Galway Resources’ El Dorado and Machuca targets located in the California mining district of Colombia.
Exploration carried out by Greystar during the second quarter of 2009 has identified vein and stockwork mineralization associated with strong alteration hosted in a dacite porphyry. Rock samples from mine tunnels on site have returned gold assays ranging from no significant gold up to 9.66 grams per ton of gold and silver assays ranging from no significant silver up to 94.3 grams per ton of silver.
Frederick Felder, Greystar’s executive vice president, said: “The La Plata property is contiguous with existing Greystar holdings on the majority of its borders and greatly enhances our land position in the southern Mascota - Machuca trend. We are very excited about the exploration results we have received to date at La Plata. We intend to quickly move forward with a drilling program to test surface mineralization at depth.”
The deal includes staged payments totalling US$1.9 million, including a staged issuance of 160,000 share purchase warrants and minimum annual work commitments, all over a four-year period.
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