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Santacruz Silver Options Claims in Main Mexico Silver Belt
May. 04, 2016 09:12AM PST
Silver InvestingSantacruz Silver Mining (TSXV:SCZ) has entered into an option agreement to acquire certain claims in the Zacatecas Mining District from Golden Minerals company. As quoted in the press release: The Zacatecas Mining District is located in the central part of Mexico, in the main Mexico Silver Belt. The Zacatecas Properties are located at the periphery of …
Santacruz Silver Mining (TSXV:SCZ) has entered into an option agreement to acquire certain claims in the Zacatecas Mining District from Golden Minerals company.
As quoted in the press release:
The Zacatecas Mining District is located in the central part of Mexico, in the main Mexico Silver Belt. The Zacatecas Properties are located at the periphery of theZacatecas, Veta Grande, Guadalupe, Pánuco, and Morelos municipalities in the state of Zacatecas, Mexico and consist of 149 concessions covering approximately 7,800 hectares.
In order to acquire the Zacatecas Properties Santacruz will be required to pay to Golden Minerals the sum of US$1.5 million including an initial payment of $200,000 on signing the agreement (paid) plus additional payments as follows: 6 months after signing $200,000, 12 months after signing $300,000, 18 months after signing $300,000, and $500,000 24 months after signing. A 1% net smelter royalty exists with the original property vendors on some of the claims included in the Zacatecas Properties.
When combined with the Company’s existing Zacatecas Mining District exploration and mining rights acquired under the agreement with Contracuña (see news release of November 2, 2015) the Company now controls approximately 8,900 hectares in this historic and prolific silver mining belt. The area includes such mines as the Fresnillo Silver Mine, the Madero Mine (operated by Peñoles) and the Cozamin Mine operated by Capstone Mining Corporation.