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Miranda Gold inks LOIs to acquire 2 district-scale projects in Colombia

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Miranda Gold inks LOIs to acquire 2 district-scale projects in Colombia

Miranda Gold Corp. said Jan. 20 that it signed letters of intent to acquire two significant district-scale epithermal vein systems in Colombia dubbed Mallama and San Lucas.

The Mallama project is part of a large district that contains more than 30 mapped intermediate sulfidation epithermal veins with strike lengths of over 4 kilometers, while San Lucas contains numerous high-grade veins extending for several kilometers.

The company completed a 30-day due diligence to enter into a binding purchase agreement with the vendor and has initially paid US$140,000 for Mallama. Miranda will pay an additional US$200,000 upon receipt of drill permits. The company will have a further 60-day period to draft a final binding purchase agreement.

The vendor will retain a 4% residual net proceeds royalty, with a minimum of US$1 million payable within three years at the start of commercial production, capped at US$4 million over the life of the mine.

Meanwhile, Miranda will complete a 30-day due diligence to enter into a binding purchase agreement with the vendor of San Lucas and will have a further 30-day period to draft a final binding purchase agreement following an initial payment of US$120,000 for license fees. About US$60,000 will be paid additionally. Miranda will pay a further US$75,000 upon receipt of drill permits.

Finally, a US$500,000 payment will be made when Miranda yields a NI 43-101 technical report showing 500,000 or more gold equivalent ounces in the measured and indicated categories.

The vendor will retain a 4% residual net proceeds royalty for San Lucas, with a minimum of US$1 million payable within three years at the start of commercial production, capped at US$4 million over the life of the mine.