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Canuc Resources lands exploration deal for San Javier project

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Canuc Resources lands exploration deal for San Javier project

Canuc Resources Corp. said May 31 that it signed a comprehensive agreement with a local community, the Ejido of San Javier in Mexico, setting terms for the exploration and exploitation of land around the company's San Javier silver project in Sonora.

The deal covers the exploration of 300 hectares and outlines binding terms for mining on up to 1,000 hectares in exchange for Canuc paying US$35,000 per annum during the exploration phase and up to US$135,000 per annum throughout the exploitation phase.

Canuc expects to start drilling in June and will provide an update on exploration activities, including soil sampling and structural analysis, in the near future.

The agreement is binding through its 25-year term, with an additional five years provided under agrarian laws.