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IAMGOLD secures up to 70% JV earn-in on Peruvian gold project

Pucara Resources Corp. entered into a joint venture with IAMGOLD Corp. subsidiary IAMGOLD Peru SA to explore the former's Los Tambos gold project in Peru, previously known as Santo Tomas.

IAMGOLD can earn an initial 60% interest by spending US$4.0 million on the project and paying US$500,000 to Pucara over four years, according to a Feb. 28 release.

It can take the interest to 70% over the next two years by delineating a National Instrument 43-101-complaint resource of one million gold equivalent ounces and paying Pucara US$2.00 per gold equivalent ounce for the total resource.

Meanwhile, Nexa Resources SA is drilling at Pucara's Guadalupe copper-zinc project under a 100% option agreement

Nexa can purchase the project in 2019 by making a payment and issuing a retained net smelter return royalty to Pucara.