The Conversation (0)
Astorius Renegotiates Osos 1 Option Term and Commits to 1st Q1 2018 Work Program in Ecuador
Dec. 05, 2017 07:25AM PST
Precious Metals
Astorius Resources Ltd. (TSX-V: ASQ, Frankfurt: 47AF) (“Astorius” or the “Company”) is pleased to announce that the Company has renegotiated the option for the property Osos 1 (Mr. Francisco Soria or the “Optionor”), and has initiated an exploration program in Ecuador aiming to explore the recently optioned Osos 1 properties.
Astorius Resources Ltd. (TSXV:ASQ, Frankfurt: 47AF) (“Astorius” or the “Company”) is pleased to announce that the Company has renegotiated the option for the property Osos 1 (Mr. Francisco Soria or the “Optionor”), and has initiated an exploration program in Ecuador aiming to explore the recently optioned Osos 1 properties.
OPTIONOR HEREBY GRANT TO ASQ THE OPTION ON TERMS DEFINED BELOW;
| Date | Cash Considerations | Issuance of shares | Work Obligations (First Quarter 2018) |
| On approval by TSX of this Option Agreement or on December 5, 2017, whatever happens first | US$ 25,000 | ||
| From January 2018 to March 2018 | US$ 50,000 to be invested in exploration in the first quarter of 2018 | ||
| On March 15, 2018 | Pay annual patent tax on the Claim and file annual Exploration and Audit reports to the Ecuadorian authorities | ||
| On march 30, 2018 when the Definite Agreement will be signed | US$ 50,000 | 100,000 | |
| On September 30, 2018 | US$ 50,000 | 200,000 | US$ 100,000 to be invested in advanced exploration on the second and third quarters of 2018 |
| On March 30, 2019 | US$ 150,000 | 300,000 | Investment needed for development |
| On September 30, 2019 | US$ 350,000 | 400,000 | Investment needed for development |
| TOTAL | US$ 625,000 | 1,000,000 |
DEFINITIVE AGREEMENT TERMS:
The Definitive Agreement will contain the following terms and conditions:
- Payments in cash of no more than US$ 625,000 dollars to be paid on the dates to be agreed by the Parties when signing the Definitive Agreement; and
- Issuance of 1,000,000 (one million) ASQ shares in favor of Optionor or whoever it will determine for such effect.
- On September 30, 2019, Astorius will grant Mr. Francisco Soria a 1.5% NSR (Mining Royalty)
Astorius’ 229 hectare Osos 1 mining concession lies within the El Oro province of southern Ecuador, 35 kilometers south-southeast of the port city of Machala and 10 kilometers southwest of Lumina Gold’s Cangrejos Project. No drilling has to date taken place on the property. Access to the property is by paved and gravel roads. (see: map)
Studies by Newmont on and around the property in 2000 included Aerial Geophysics, soil, and rock geochemical analysis. Between 2006 and 2009 Kinross conducted geological mapping, soil, and rocks geochemical studiesand identified anomalies of gold with arsenic in an area covering 1000 x 600 meters. (see: map)
Astorius carried out a due diligence study of the property in December 2016, during which the best sample taken of artisinally mined minerals within the property yielded an assay of 252 g/t Au (see News Release dated March 21, 2017). The scale of development of these gold veins may merit upscaling of current artisanal mining to significantly larger conventional underground mining operations. The breccia’s mapped at surface by Kinross are present at depth and carry significant levels of gold. These breccias have the potential, as illustrated by breccia’s in similar geological settings, to be profitably mined by bulk open pit or underground methods. (see: picture)
Detailed sampling and mapping of all underground workings on the property is planned for Q1 2018 in preparation for a diamond-drilling program targeting both high-grade vein gold/silver mineralization, and lower grade disseminated gold mineralization.
The Board is very pleased with the property agreement and looking forward to the 2018 work program on the Osos 1 property.
About Astorius Resources Ltd.
Astorius (TSX.V: ASQ Frankfurt: 47AF) is a junior exploration, and near-term production company focused on high-value minerals deposits in North and South America.
Arthur Brown Reports.
CEO
For further information, please contact:
Arthur Brown, CEO (604) 662-7902
art.astoriusresources@gmail.com
www.astoriusresources.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements,” Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the exploration results on the Osos 1 mining concession.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices, and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
Click here to connect with Astorius Resources Ltd (TSXV:ASQ;FRA:47A.F) for an Investor Presentation.
Source: www.fscwire.com
